#EURUSD Forecast: Following the Trend ~ (Cancelled)

FX:EURUSD   Euro / U.S. Dollar
3858 44
Update: Cancelled this trade due to FOMC today.

A simple trade based on short-term trend identification.

The assumption is:

If the bearish trend to remain in play, the latest swing high and resistance area from 1.0640-1.0683 should hold. Having said that, a short position based on this assumption is favored. Supported as well by the falling trend line for the ongoing bearish wave. In addition to Stochastic nearing overbought area, which usually a shorting signal when the price is trading in a bearish trend .

Chances of trade Invalidation will significantly increase if the price manages to take and hold above the 1.0682 swing high and the falling trend line . As our structure of lower highs and lower lows could be damaged and the reasoning behind the trade will not be valid anymore. Therefore, I have put my stop loss just above that resistance area .

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
Good luck, keep your stops tight..
My best regards
I got it now. Good night all :)
This is the very reason I do not play currencies. Last time was Franc.
Technician CosmicDust
Allow me to disagree mate.. This is totally different than the franc case, this volatility was expected and that's why i cancelled the trade before the FOMC..
+1 Reply
CosmicDust Technician
Just curious, what made you canceled the trade before FOMC?
Technician CosmicDust
Its a big event, i usually avoid entries just before major events. Especially for short term trades, volatility would probably kill the trade.
-1 Reply
CosmicDust Technician
OK, thanks.
HexVex CosmicDust
I'm not him but to hazard a guess the word risk comes to mind :) Haven't you been buying and selling spikes today ?
-1 Reply
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