I've linked my EURUSD 10 year forecast "down to parity" from 2018 below, i've traded that all the way down and made a small fortune, but it was pretty obvious when you look at the global currency, DXY and central bank borrowing, and it's still going.
I would suggest you sit tight now and wait for the retracement into one of the two sell zones, but first will be the bearish pin bar, this pull back will give us a lovely 3.5 ratio.
What's more important are the supply zones are really obvious on this pair, lots of volume, remember we're not trying to beat the market, your money will run out way before the market goes in your direction unless you trade like you work for a bank.
Still losing money, maybe you're trading all day every day, stick to the daily time frames until you can be very profitable indeed. Consistancy, a strong plan that includes only entering trades with a good return on investment, risk return ratio. Like this one!
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A very strong move to the upside into the selling zone, I would wait this out until the next selling zone up at 1.04 since we're seeing some weakness in the DXY
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Did you notice the total rejection of the buyers in the selling zone at the top of that Pin bar, that is price action and supply and demand in action, if the DXY hasn't hit it's pullback, the Euro will have another go, and that's when we act, selling the retracement. If we miss it, we lost nothing.
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I've not entered this trade as yet, Price action was obvious the pinbar was going to be invalidated, especually when reviewing the DXY short term profit taking.
On the Euro we've seen the 1.01852 level rejected so far, we're looking to break through that to sell the retracement from 1.04 and then back down towards 0.975 in line with the trend. There are no fundamentals that suggest the Euro will be stronger than the US dollar longer term so far
Trade closed: target reached
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We're well beyond our target and took the final profits after running for 4 weeks on this one. Expecting a pull back into parity again now the DXY is at the peak, then we'll sell it back down again
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We're now at the point of selling this pair again down to 0.96, waiting for a failure at the 0.99 confluence
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The DXY has the potential to fall a little further before it finds support, especially given the interest decline no UK10Y guilts, this will push this pair north upto the parity area above 1.0 and we need to see weakness in the pair to sell it back down again, and it will happen, this pair have been in decline for years which I forecast in 2018 on this platform
Trade closed: target reached
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Another rise repeat trade and why we follow the daily trend each time....
you sound like you made your fortune off of people like me. lolI wish it were that easy
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@faith_defender My capital has significantly grown over the decade by using order flow, price action, market sentiment and basic fundamentals of market trading (supply and demand). We can't beat or catch the market off guard, our goal is to move with the banks, heddge funds and the majority of the order flow, they influence market value not us.
If you're still losing money, trade on the daily time frame only, paper trade first to firm your strategy and if you don't have the patience for that, or you need to win quicker to make your money back. I'm afraid you will continue to lose more. Daily time frame, 1 trade a week for real. Paper trade your strategy to prove it.
What I saw on your idea is liquidity above your sell zone, which after the liquidity was taken it did exactly what you said it would do.
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@DogeEggWS, This is why understanding order flow and supply and demand in the marketplace is important. Most traders get sucked into lots of indicators and trading very very high risk time frames below the daily.