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
Last week, I thought the recent euro bullish run was sputtering so I decided to enter short but my trade got stopped out quick as a mofo. In the words of the late great Aaliyah, I'm going to dust myself off and try again.
EUR/USD has fallen back under the 1.41 handle which I label as immediate resistance. There's also major bearish divergence present with price climbing to higher highs while the oscillator plateaus.
On Tuesday, German IFO data will be released and with the past three releases surprising to the downside, I expect another poor number, which would motivate some dollar sellers to close their positions.
The German IFO is a big economic health indicator for the Eurozone as a whole. Positive readings means good news for the economy, suggesting more consumer spending and economic growth.Sucky IFO readings indicate a possible economic slowdown.
I'm going to sell at 1.4090. My stop loss (SL) will be 1.4140. My initial profit target (PT) will be 1.3850. This might be a stretch since 1.40 looks to be big time support so I will keep my eyes on price action and post any trade adjustments in my comments section below.
Sell EUR/USD @ 1.4090 | SL: 1.4140 | PT: 1.3850
