Hey Traders! Here is another possible short setup on EURUSD . We have a cypher complete with a possible ending diagonal setting off the drop. I like these trades because it allows us to maximize our R/R and place a tight stop. I like to keep my losses small and this is no exception. If it rallies beyond the end of the possible ending diagonal I don't want to be in the trade anymore, hence SL placement. I set two targets, one at . 382 retracement and another at the confluence between .618 fib and the missed daily pivot from yesterday. Happy trading!
Nice resistance off the bat, let's see how she plays out. I may set to B/E quickly, but will update if I do. Good Luck!
Target Down! Less than 1 pip of draw down and quickly to first target in less than 4 hours. +42 Pips at T1. The reason why I like using tight stops is because they allow for heavier leverage and plenty of breathing room to take losses while still pulling in net gains. This is just one way to trade and is not a recommended method for everyone. Whatever your strategy is, remember to first master risk management. Everything else comes second.
Still eyeing T2 at this point. Good luck and stay safe!
Note: Closing trade before NY session ends will lock in a 5.2 R/R
Trade closed manually:
Closing Second half now before the weekend. Great wins this week. Back with more this weekend