I have been waiting for another opportunity to Deutsche Bank and Commerz Bank. And here it is.
Commerz Bank chart:
In case you haven't seen it. There is a netflix serie called Bad Banks. Watch it and you will see why to short these banks. :-)
Bad Banks on Netflix: www.netflix.com
This trade is not part of my usual price action trading strategy. It is longer-term play based on the Ichimokucloud technicals (kumo turning bullish on eurtry and chikou broke past prices), but also the fundamentals. As the new year has come, prices of essential things like energy and water have doubled for my family living in Turkey. Other bills for the new year...
The fakey gave a small stop, so we could target previous lows.
We could still trade the inside bar break with a stop above the fakey.
This gives a large stop allowing us to trade much smaller, but will still allow for a 2R target at the Brexit lows.
This trade will take more time to play...
I have been anticipating this setup to make a move lower to the post-Brexit lows. Let's see if it will work out.
Date Pair Direction Trade Trend Level Signal Entry
2018-12-17 GBPUSD Short With trend Down Horizontal Resistance Inside Bar break
The ERUCNY pair seems to be making a retracement after the run-up that started in June and lasted until September 2018.
I will be trading this unleveraged. I am just buying and holding Chinese Yuan without using a broker that lends me money to leverage my bet.
Target 1 is at the 50% retracement of the June-September move.
Target 2 at the 68% and target 3 at the74%...