I'm going to short the EURUSD. Price hit a weekly swing SR line on Sunday and the line was rejected. We retraced into a bearish 4H order block yesterday evening, outside a zone I trade.
I'm entering using the nested OTE during LO today, take profit at the previous swing low
Comments
fxwhitebelt
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Hi, I really like this trade and is one I am in from 1.2540. I am a little concerned about the 17th Nov high of 1.2576 and 4th Nov high of 1.2576. On my platform they are identical and am wondering, if this thing is to move lower whether it will run those stops beforehand. As such I have (probably prematurely) moved to breakeven. Would appreciate your views. Thanks
hopiplaka1
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Yes, very clear stop level above that price, but I think it will not be tagged today.
The only news event for the EU today is "current account" and it not so volatile in my opinion.
There is "better" news tomorrow for that, or possibly Friday when Draghi speaks.
But I'll manage my short using the 15MIN swing highs and or ADR and see how much I can squeeze out of it, if any :)
If it breaks below 1.25 you might want to wait for a 5MIN retracement to get in line with the short, possibly the 1.2516 5MIN order block comes into play than?
fxwhitebelt
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Thanks, appreciate your views/help and it does make sense, cheers.
Good luck
RomanoRnr
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Maybe this is the reason your stop got hit. Fake rally
hopiplaka1
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Yes, I was stopped out, but still have faith in the setup. There was a nice retracement into a 15MIN order block, and it's news time in half an hour.
So normally I do not trade during LC, but I will take this with half the risk. Enter short @ 1.2555
hopiplaka1
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There was also a stop run on the DXY - which closed the gap as well.
Also a nice OTE after a break in MS on the 15MIN.
And looking at gold, I still have faith in shorting the EU :)