forex4noobs
Short

Potential short @ 1.0990

FX:EURUSD   Euro Fx/U.S. Dollar
1048 20 27
I see potential for a short if price breaks the 1.0990 There are a few requirements that need to be met before I would consider this trade.

  • The current candle needs to close as indecision, it looks like indecision now, but it has yet to close.
  • The new daily candle should not push higher than 1.1055 .

Price is stalling at the 1.1010 resistance area and has been since Friday. This is leading be to believe that buyers are becoming weak in this area.

I see potential for a short if price breaks the 1.0990. Please note that this entry is based on the current open candle
and it can change by the time the candle closes.

The current candle needs to close as indecision. At the moment, the candle looks like indecision now, but it has yet to close.
The new daily candle should not push higher than 1.1055 .

I WILL NOT ENTER THIS TRADE IF IT BREAKS 1.0990 IN THE CURRENT CANDLE
Reply
Nice Nick

You will not enter if price breaks 1.0990 thats bev-cause otherwise R/R is not longer 1/2. Correct?
Reply
forex4noobs PRO sag.deconinck
a year ago
No, I just want the current candle to close before I consider this a trade setup.
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sag.deconinck PRO forex4noobs
a year ago
Ah Ok thx
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Puddlejumper
a year ago
I've also been monitoring this one and it looks to be a good short setup, Tuesday's Daily candle has closed as indecision.. I'm tempted to trade it.
Reply
forex4noobs PRO Puddlejumper
a year ago
Should trade it until it triggers, it just triggered an hour ago though, so hope you got in.
Reply
Entered this trade

Entry@ 1.0990
Stop@ 1.1061
Exit@ 1.0850
Reply
PieroPontra PRO forex4noobs
a year ago
How about tomorrow ECB rate decision? How will you handle the trade if it will not close before the news? Thanks Nick, you're great.
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forex4noobs PRO PieroPontra
a year ago
Depends on a lot of factors. My general rule is to keep trades open as long as they are in profit.
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PieroPontra PRO forex4noobs
a year ago
Aren't you scared about slippage if news will go against the trade? Slippage could jump the SL sometimes, it happened to me! Could u be more specific on how u'll handle this? (trailing stop, premature exit, SL to break) I will really appreciate Nick, I'm learning a lot on F4N.com and I'm considering to join your advance course. Thanks!
Reply
forex4noobs PRO PieroPontra
a year ago
I am not worried about slippage, my broker does not slip me.

I cannot be more specific. You cannot have a set plan that covers every single possible situation. There are many variables you need to consider when making a decision to exit a trade early or hold it through news. You can only assess those variables, and make a plan, when the ECB decision is near. Here are some examples:

Is the trade in profit, and if so, by how much?
Has price showed signs of stalling before news?
From your research do you expect this news to have an effect?
What is the price action telling you?
Is this time frame strong enough to withstand minor spikes? (this one can be answered and the answer is yes)
Is your stop safe? (this one can be answered and the answer is yes)

Those questions, and so many more unique questions, specific to this particular situation need to be answered. And they can only be answered when the rate decision is close....

...And that wont be for 24 hours.
Reply
PieroPontra PRO forex4noobs
a year ago
We'll discuss about this later tomorrow :-P
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forex4noobs PRO PieroPontra
a year ago
I will probably be away tomorrow at that time, I would suggest you plan it out for yourself. That is the best way to trade.
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PieroPontra PRO forex4noobs
a year ago
Hey Nick! It seems it's gone well for you! Thanks to Mr. Mario BAZOOKA Draghi! :-P I closed at zero, I don't like to stay in within news. Main reason for this it's slippage risk (you know... SL jumping and stuffs like that). How can your broker don't slip at all even in these high volatile moments? Could you please suggest me how to spot a non slipping broker? I use FxPro, would be great if you can give me some tips about. I know you don't recommend brokers and I even know the reasons of your choice witch I respect, but if you could mail me at piero.pontrandolfi@icloud.com I'll appreciate.

Ad Maiora. Bye!
Reply
cap21
a year ago
Great work
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Puddlejumper
a year ago
Thanks Nick, yeah I got in :) I set a Sell Stop and went to bed! It triggered around 1am'ish.

Entry: 1.0988
Stop: 1.1063
Exit: 1.0839

Good luck.
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mjadid PRO
a year ago
I am in this trade also, good luck for all.
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Puddlejumper mjadid
a year ago
Cool!
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Puddlejumper
a year ago
Target was hit today at 1pm for a 148pip profit. :)
Shortly after though due to the ECB news release, price quickly reversed and would have hit my stop had I not stuck to my 2:1 target ratio.
Reply
Trade closed for profit at the 1:2 target
+3 Reply
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