Technician
Short

#EURUSD Forecast: Following the Trend ~ (Cancelled)

FX:EURUSD   Euro / U.S. Dollar
3850 44 31
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 .

Thank you for reading , be one of the first members of my new trading portal, check my new website http://thefxchannel.com/ , vote and subscribe. Thank you

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
Notes:
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..
https://twitter.com/thefxchannel
https://www.facebook.com/thefxchannel
https://plus.google.com/+Thefxchannel0
My best regards
Technician
MEGA 70% DISCOUNT ON 3 AND 6 MONTHS PACKAGES . Get it before offer expires : https://thefxchannel.com
I got it now. Good night all :)
Reply
This is the very reason I do not play currencies. Last time was Franc.
Reply
Technician PRO 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?
Reply
Technician PRO 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.
Reply
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 ?
Reply
??
-1 Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out