Technician
Long

EURUSD: Simple Long on Potential Correction!

FX:EURUSD   Euro Fx/U.S. Dollar
2606 36 25
UPDATE: I should have cancelled this trade based on rule number 5 "Note that If 90 percent of first target is reached without triggering entry, trade is cancelled"
Profit(pips)=-65x2=-130.
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A very simple long setup on trend line break and inverted head and shoulders after a prolonged bearish wave.

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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
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
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thanks for this post
Reply
LudmilaHanania
2 years ago
Great , I am already long from 1.2704 , noticed the inverted head and shoulders and the trend line break .
Reply
LudmilaHanania
2 years ago
Take a look at Gold, same pattern on 240 , inverted head and shoulder and broke trend line, what do you think?
Reply
Technician TOP LudmilaHanania
2 years ago
Probably its the time to short the USD for a correction, probably most currencies, gold will move higher against the USD in the coming few days. But I would love to short EUR again a bit higher.
+1 Reply
Gino
2 years ago
So you are in?
Reply
Technician TOP Gino
2 years ago
I put a limit buy order.
Reply
Gino Technician
2 years ago
I got out of my Long with minimum profit. I don't like the resistance at .2750's
Reply
I expect a much heavier correction, the weekly chart looks bullish and the DXY looks pretty bearish. I believe Euro will be one of the best currencies to play the short dollar trade.
Reply
UPDATE: Trade is Active
+1 Reply
BarisYalcinkaya Technician
2 years ago
First of all, thank you for your advice Technician. I wonder that, where is your limit buy order? Also, 1.27000 line broke in this hour, buy is still valid or not?
Reply
Technician TOP BarisYalcinkaya
2 years ago
My long position was triggered at 1.2700
Reply
Gino Technician
2 years ago
I thought you are out by now, it reached %90 of your first target, now you are in trouble :-) !?
+1 Reply
Technician TOP Gino
2 years ago
That what happened buddy, wasn't able to cancel trade... Anyway..
+1 Reply
This trade should have been cancelled, based on rule number 5 "Note that If 90 percent of first target is reached without triggering entry, trade is cancelled"
+1 Reply
Gino Technician
2 years ago
That is what I just mentioned above.
+2 Reply
VelsonChew Technician
2 years ago
Thus, you think we should waiting for further market acting or close the trade immediately ?
Reply
Technician TOP VelsonChew
2 years ago
I am already long, I wont close now.
Reply
Gino Technician
2 years ago
It will be at .28 level soon. It's all a play, the big boys like to play yoyo.
Reply
VelsonChew Technician
2 years ago
However , base on bollinger band , the maximum market will reach is 1.2740 if at short. The market could be reverse if hits 1.2740.
Reply
Pepolape Technician
2 years ago
Do you keep targets and stop-loss ?
Reply
Technician TOP Pepolape
2 years ago
Yeah
Reply
Comment removed
Technician TOP Technician
2 years ago
For my self... dont recommend it for anyone as rule number 5 was broken.
Reply
Pepolape Technician
2 years ago
Please, why this rule?
Reply
Technician TOP Pepolape
2 years ago
Well.. This is my approach, i learned from experience that if price reach target and then go back to entry it usually goes the other way, in this case to the downside. Not always of-course. But this way i feel more comfortable.
+3 Reply
kofesutra
2 years ago
Are you in trade?
Reply
Nope I closed this trade at 1.2635.
Reply
Profit(pips)=-65x2=-130.
+1 Reply
Technician TOP Technician
2 years ago
This is the outcome of breaking the rules
+1 Reply
Pepolape Technician
2 years ago
I keep stop-loss on 1.2610
Reply
Technician TOP Pepolape
2 years ago
Its ur call.. I am out of this trade
Reply
Pepolape Technician
2 years ago
out 1.2639 ;)
Reply
Technician TOP Pepolape
2 years ago
Lets compensate that in the next trade ;)
+1 Reply
Pepolape Technician
2 years ago
dont worry, its the game!!
+1 Reply
Pepolape Technician
2 years ago
i think i'll wait till 1.2574
Reply
Pepolape Pepolape
2 years ago
1.2606 ---> AB=CD and 88,6 of previous move
Reply
Pepolape Technician
2 years ago
im still thinking on this long, SHS on 5' entry 1.2624 stop 1.2606
Reply
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