Akil_Stokes
Long

EURUSD: Active management/A structure trade review (w/video)

FX:EURUSD   Euro/U.S. Dollar
THIS IS NOT A TRADING IDEA, more of a recap. Earlier this week I posted a chart of the EURUSD             that had three potential bearish patterns setting up in the same area. In that post I mentioned that I was also involved in a long position on the Euro             . Well after 24 hours of doing absolutely nothing this pair finally decided to rally and move in my favor. Throughout the week I've gotten numerous messages about that position and since I never posted it here's a quick look at what was on my mind.

Unlike advanced patterns, when I involve myself in a structure based trade I look to actively manage it. The "black flags" on the chart were potential profit taking levels for me and as price action approached them I would keep a close eye on the reaction. A positive sign would lead me to stay in the trade, while a negative sign would cause me to take my profits and fight again another day. The blue lines are an example of how i managed my stop/loss while the position was in progress. While the green flag is where I ultimately ended up taking off my final profits.

Now before you yell at me about "not catching the entire move" please take a look at the video i just uploaded to my YouTube channel explaining the "Pros" and "Cons" of active management vs shooting for a static target area.

https://www.youtube.com/watch?v=ctdLhokNvN4&feature=youtu.be

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Thanks for uploading another video this week! I longed EU as well! goodjob. It was a very nice trade
+1 Reply
Akil_Stokes PRO TheBulltrader
Well done, I was wondering who gave the markets that extra push today ;-) Looks like we were on the same page. Well done Spencer!
+2 Reply
moneymaking Akil_Stokes
Hey akil, I was also confused about the continuous move to the upside. There was no major news from Europe either. I think maybe it's because of the US DOLLAR, it's looking bearish after the FOMC statement, at least for short-term. Have a Great Weekend :)
Reply
Akil_Stokes PRO moneymaking
We've fallen off a cliff for sometime time now so we're do some type of relief. FOMC may be the excuse traders were looking for.
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