EURUSD Short the Resistance. Short

Euro Fx/U.S. DollarFXCM

Description

⋅ Sep 28, 2020 2:07 PM

EURUSD has broken from a strong range, and currently is in strong downtrend with no clear indication with a leg up.

EU is now testing strong resistance level, and I doubt it can break this resistance area on first try, that's why I am going to short today EURUSD.

We still have EMA downtrend.
Bearish 1H close.
RSI is above 60, but holding on thin ice.

My take profit is around 1.1640 ( Around 30 pips).

Good luck with this trade!
Tibor

Comment

⋅ Sep 28, 2020 3:09 PM

Already 20 pips down since the post of analysis, another leg down expected..

Comment

⋅ Sep 28, 2020 7:04 PM

5m Chart in a Rising wedge.

RSI double top.
MACD selling wave signals first selling tick.

Comment

⋅ Sep 28, 2020 7:05 PM

15m bigger picture.

Trade closed: target reached

⋅ Sep 29, 2020 1:42 PM

Trade closed at 1.16414 +30 pips!

Comments

tessttraffic

⋅ Sep 28, 2020 2:57 PM

correct

TiborVrbovsky

⋅ Sep 28, 2020 3:12 PM

@tessttraffic, Thanks!

WMWToronto

⋅ Sep 28, 2020 2:27 PM

Now I don't deal with pips that often, so could you translate your 30 pip profit into a percentage for us. I always like to take a look at things in terms of gross profit or loss as a percentage (%)

Thanks

Ward

Toronto, Canada

TiborVrbovsky

⋅ Sep 28, 2020 2:31 PM

@WMWToronto, Hello Ward, 30 pips means change from 1.16700 to 1.16400 (30.0 pips). This is used to calculate with Iots starting from 0.01 trade. 0.01 trade is with a $30 account and that results in 3$ profit using average pip value of $0.10 with 0.01 Iot. If you used 300$ account, then I reccomend using 0.10 Iot and that would result in total profit of $30 and so on, I can send my table with these numbers. I am focusing on 3:1 RR so for example with a $300 acc with this trade, you can either lose $10 or earn $30 minus the spread, Tibor.