I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Sell EUR/USD Again
While our original short euro trade is still in play with pips already locked in, I'm looking at another short position. This pair has pulled back a bit near the 1.37 handle. I look for this area to act as psychological resistance and expect more downside.
There is bearish divergence here with price making a higher high while the oscillator does not. I believe price will test 1.3700 soon and look to enter there.
I'm going to short at 1.3700. My stop loss (SL) is 1.3750. I mark two resistance levels that price has to break in order for my stop to be hit: 1. the blue SMA 2. previous support turned resistance at 1.3740. My profit target (PT) will be 1.3600.
Sell EUR/USD @ 1.3700 | SL: 1.3750 | PT: 1.3600
