Yes! Or at least I think so. Indicators (RSI, MACD) are signaling a correction and we're up against a couple of trendlines (see wider view in chart below).
This trade may not be for everybody with its one to one risk/reward ratio, but I'm confident in this position and would be happy to average my position here and there up to the second trendline. I've based my take-profit on a fib drawn the most recent climb. I'm also planning on closing if the price hits the 100SMA before hitting my target. Frankly, the 100SMA would be the ideal, dynamic TP level, but for this trade, I'll stick with the 0.383 (1.08050).
Scary times to trade Euro-pairs given the upcoming French election, but there is time and room for a correction before the final round.
Entry 1.0940
SL 1.1070
TP 1.08050
Good luck!
This trade may not be for everybody with its one to one risk/reward ratio, but I'm confident in this position and would be happy to average my position here and there up to the second trendline. I've based my take-profit on a fib drawn the most recent climb. I'm also planning on closing if the price hits the 100SMA before hitting my target. Frankly, the 100SMA would be the ideal, dynamic TP level, but for this trade, I'll stick with the 0.383 (1.08050).
Scary times to trade Euro-pairs given the upcoming French election, but there is time and room for a correction before the final round.
Entry 1.0940
SL 1.1070
TP 1.08050
Good luck!
Comment:
Hey, look! We've hit the 0.618 from the Trump fall! That works out pretty well.
Comment:
This has been a long hold. I've taken profits, but I still have confidence in the position. There's room to the upside (a ceiling of 1.1000 expected), and the French election may be a catalyst for that move. I've added a chart below that further describes my reasoning for my position.
We are up against upper, longstanding trendlines and indicators are signaling a selloff (see similar set-ups in the past with the red vertical lines). I predict that the price will turn against me a little over the next week, but the yellow box should act as a short-zone for traders.
My target is still around the 1.08050 (0.382) area, but it's possible the price will move down to the bottom of the ascending channel (depending on the outcome of the Sunday's French election, of course). Trade still active, but I'm prepared to close before the weekend to eliminate some risk. In general, this seems like a safe trade, but the possibility for a stop-loss spike up is not off the table.
We are up against upper, longstanding trendlines and indicators are signaling a selloff (see similar set-ups in the past with the red vertical lines). I predict that the price will turn against me a little over the next week, but the yellow box should act as a short-zone for traders.
My target is still around the 1.08050 (0.382) area, but it's possible the price will move down to the bottom of the ascending channel (depending on the outcome of the Sunday's French election, of course). Trade still active, but I'm prepared to close before the weekend to eliminate some risk. In general, this seems like a safe trade, but the possibility for a stop-loss spike up is not off the table.
Comment:
So, I'll be taking more than half of my position off the table for some pretty small profits on an excruciatingly slow short in preparation for the French elections this weekend. I can't predict who will win the election or how the price will react to the result, so it's prudent to maintain only small exposure in this pair (and any Euro pair for that matter).
I'm still confident that the yellow box is a turnaround zone for a longer term short, but It's possible we already on the reversal. In the event of a spike up to the upper trendlines, there is little risk and I'll hold the short. In the event the price drops as predicted, I can pocket small profit.
Good luck this weekend if you're holding on to your positions!
I'm still confident that the yellow box is a turnaround zone for a longer term short, but It's possible we already on the reversal. In the event of a spike up to the upper trendlines, there is little risk and I'll hold the short. In the event the price drops as predicted, I can pocket small profit.
Good luck this weekend if you're holding on to your positions!
Trade closed manually:
Time for me to get out of EU. Price hitting 200 EMA on potential pivot (also a support zone imo. With election volatility, I'll be taking my minor profits and hitting the road. Good luck!