Based on the fact that we are expecting an interest rate hike from the Federal Reserve, our positional bias remains bearish. Technically speaking, on the higher time frame, the trend is also bearish. Therefore, we are looking for short opportunities only.
If the trade gets stopped out, we might look for another short opportunity with stops above previous swing high on our trading time frame. That will give us a better R:R ratio and more opportunities when it comes to money management than the current opportunity.
Plan your trades and trade your plan !
Trade closed: stop reached
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Our stop loss got hit yesterday following the Federal Reserve announcement. Our bias for the moment remains neutral until the pair reaches a more satisfactory level that meets our rules of engagement and our risk management policy.