It's been 4 hours and EURUSD hasn't made a new low. This is also the completion point of the AB=CD pattern. As of now I have not entered as I was waiting for the green line but I will be deciding soon. Stops may go 10 pips past the 1.618 but I will be a little safer and use 15 pips (31 on contract where a pip is .00005)
This is meant to be a short term trade based on this pattern... I am biased bullish DXY longer term but am currently trading in both directions. Once I am profit 15 pips (= to my risk) I will be moving stops to breakeven.
Always remember I am a novice and have a lot to learn! This might be a lower probability trade but the R:R is pretty good. Let me know what you think!
This is meant to be a short term trade based on this pattern... I am biased bullish DXY longer term but am currently trading in both directions. Once I am profit 15 pips (= to my risk) I will be moving stops to breakeven.
Always remember I am a novice and have a lot to learn! This might be a lower probability trade but the R:R is pretty good. Let me know what you think!
Trade closed: stop reached:
AB=CD set-up didn't work out unfortuntely. I am passing on a Euro long and planning to long CAD (Cypher/Butterfly) and GBP (Bat) instead.