avis06
Short

A Short Setup for EUR/USD

FX:EURUSD   Euro Fx/U.S. Dollar
343 3 4
A Bearish Engulfing pattern is spotted on EUR/USD             daily chart . after a short-term uptrend. A long legged doji candle was formed after the pattern to show that there was an indecision in its direction. It also retested the 1.09705 resistance area and failed to break the resistance level. I would enter a short trade for this pair. My setup would be an entry at 1.0840, T/P #1 at 1.0690, T/P #2 at 1.0510, and S/L at 1.1055.
avis06
2 years ago
I would move the S/L to lock in profits.
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Pyramidal
2 years ago
Hiya, The only thing I would say, looking at your entry at 1.0840 and setup is that you are risking 210 points (SL: 1.1055) for an initial 150 point gain (TP1: 1.0690). Over time this could end up costing you depending on how many correct trades you place. Hope that makes sense. I would aim for at least 1:1R if not more like 2:1 Risk/Reward.
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avis06 Pyramidal
2 years ago
Thanks for your comment. I appreciate it.
Reply
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