botje11
Long

EURUSD countermove

FX:EURUSD   Euro / U.S. Dollar
The previous trade started out perfectly but at the end of the day things turned around and dropped again. I am glad i took 25% profit while i still could and moved the stops higher towards entry. There was a clear reason for this, which was actually the same reason why i went long at the spot i did it at. We turned down at a similar spot. It was just taking too long and it was slowly turning down as well.

Now i am going to do my crazy trade :) I do these once in a while when i see most people calling for the same direction, i just love to go against it. I am just doing a very small size here with a very tight stop loss as well, as you can see in the chart. My general, longer term view on EURUSD has not changed. There is not much room left inside that bullish wedge , but it could make another drop though, like that triangle we broke on the downside on Friday suggests. I just think there is a countermove coming, a bear trap. Of course i have my reasons for that, so it's not just going against the general sentiment. I am going to close 30% at the target but i am going to keep the rest for a bigger ride. Because if my assumption is correct, i think there is a big chance we might get a short squeeze here.


Previous analysis:


Comment: And back inside the triangle. Now I wouldn’t mind a big short squeeze around these levels. Shaking out everyone who shorted the break of the triangle :)
Comment: Beauty so far :) I am moving stops to entry now for a free ride :)

Comment: Feels so good to have made this counter sentiment trade :). Anyway, i took 30% profit as i planned to do. But i will increase my position if we break that triangle on the left. I think there is more potential here.

Comment: When zooming in a bit, it looks like a bearish wedge. So i am not going to increase here and will take profit if the wedge breaks on the downside. I might still add if we get to see the wedge get invalidated.

Comment: Update

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david dude how can i learn from you ?
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You nailed it!! Amazing!! You are the best!!
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@Ignnn, hahaha thank you, i love this one as well :)
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I see nothing wrong with your logic. Since 80% or so of retail traders lose money on FX then it makes a whole lot of sense.
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botje11 mustard
@mustard, exactly :)
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mustard botje11
@botje11, The majority of posters on here get it all wrong. It's a great barometer.
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botje11 mustard
@mustard, They do indeed, when most look at the same way, they usually get it wrong.
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Hmm wouldnt this be rather a good short entry now? It got there on quite low volume and is basically confirming resistance from below..
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botje11 BarrenWaffe
@BarrenWaffe, It would, certainly would. But i gave my reasons why i decided to a counter trade. Think about it :)
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