ReyHaynesHD
Long

(LOSS) EUR/USD Short-term Long Reversal (2.7:1 risk/reward)

FX:EURUSD   Euro Fx/U.S. Dollar
A bit of a speculative long reversal play which has burned me more than a few times already but this position is a more ideal spot to go long than my previous long position which was doing perfectly fine until news came out.

Re-entering the same position just to see how it plays out. Still like this fib powered play and went long closer to structured support which was not broken despite news drop.

WARNING: I really should have waited until fed speech but I still overall like the play purely on price action.


UPDATE: Got burned.
cloudichimoku
2 years ago
I'm not seeing a bullish scenario here looks like a bearish pennant
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ReyHaynesHD cloudichimoku
2 years ago
Surely possible. I am just looking at some structural resistance which might become support. The support has yet to be proven but that's why I'm marking this more speculative than anything.
+1 Reply
cloudichimoku ReyHaynesHD
2 years ago
Tough to say when to long EURUSD catching this knife hurts
+1 Reply
ReyHaynesHD cloudichimoku
2 years ago
True. I am usually not a counter-trend trader but I really wanted to see how this plays out. At the same time, this risk/reward for a counter trend is far from ideal and a fed speech is a few hours away so it's more or less another reason not to place this trade personally but I did anyways just to be speculative.

My GBP/JPY was way more ideal for a speculative counter-trend trade.
GBP/JPY Short Opportunity (6:1 risk/reward)
+1 Reply
cloudichimoku ReyHaynesHD
2 years ago
Yeah that looks like a nice long term trade setup, along with EURUSD maybe going to dollar parity or lower possibly. But there might be a few stop hunts along the way haha
+1 Reply
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