Trade Update: 2013-10-31 2:53 am ET
Guess I probably should have reacted sooner on this one.
EUR/USD was holding above the 1.3800 area before the weekend. The euro bulls just weren’t feeling like pushing it any higher though, as profit-taking eventually took over the markets early this week and pushed the dollar higher across the board.
Price broke below the trend line right around the time when it also went below the 100 SMA. I probably should have closed early by then to avoid any more losses huhuhu. On my next trades I’ll remember to just close my trades as soon as my initial setups are invalidated. No more hoping for the next support or resistance to hold!
That’s it for me today! I’ll finish up my Halloween costume for now but I’ll be back soon with another trade. Thanks for sticking with me and giving me advice!
Trade Idea: 2013-10-24 2:36 am ET
With risk sentiment going all over the place lately, I decided to give shorter time frames a shot!
This time I saw a possible breakout trade on EUR/USD. As you can see on the 1-hour chart, the euro bears look like they’re losing a fight above the 1.3800 major psychological handle. It didn’t help that it’s also a ceiling of an ascending triangle.
It was kinda risky entering a position ahead of the euro zone PMI reports, but I’ll be watching closely what I’m seeing turns out to be a fakeout.
For now though, here’s my trade plan:
Risked 0.5% at 1.3815 with my stop loss at 1.3735 (daily ATR size and below the triangle). My initial profit target is around the 1.3900 major psychological hurdle but I’m willing to adjust and maybe add to my position depending on how strong the euro’s rally is.
That’s it for me today! What do you think? Got any tips? 🙂