As you can see on the daily chart for EURUSD, there is currently a strong downtrend in motion and we are approaching trend line resistance in which we anticipate a lower high to be formed followed by continued downwards movement.
The reason this is such an optimal trading opportunity is that we only need to risk 1% of the position with the stop loss due to the downtrend being broken if a further 1% movement to the upside is made. Thus, we are creating a much more favourable outcome for us in which the trend is most definitely our friend.
I have not been getting many likes or followers from FOREX publishes and am very willing to publish more detailed and frequent trade plans and analysis if people follow.
I am the unemotional, devotional trader.
Trade active
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The 4hr chart has lost its healthy price action now and buying pressure seems to be lacking. looking for a lower high on the 4hr timeframe to solidify confidence in this trade for the short term.
Congratulations to anyone who managed to get a short position active yesterday, the set up is definitely looking favourable.
Trade closed: stop reached
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Unfortunately this trade was a loser due to BREXIT news stimulating EURO growth.