So much for a day trade! Here’s what happened to my long EUR/USD trade.
I decided to close my position for a 10-pip gain for a couple of reasons. First, I didn’t count on the pair consolidating near the 1.3700 level when it was on a rising channel. It’s possible that the euro’s uptrend is over and it’s now in a ranging environment against the Greenback.
Another factor that made me close my position is that I’m seeing a potential break-and-retest scenario along the former rising channel. And since I was only planning on a day trade in the first place, I decided that I would just wait for a better setup instead of holding on to my possibly invalidated trade idea.
I’m still keeping my long GBP/USD trade open though! I have a feeling that it’s long-term uptrend isn’t over. Teehee.