Trade Closed: EUR/USD Uptrend Day Trade

So much for a day trade! Here’s what happened to my long EUR/USD trade.

EUR/USD 1-hour Forex Chart

EUR/USD 1-hour Forex Chart

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.

XOXO,

Huck

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  • Bill

    Looks as if could go to either 3800 or 3847 then reverse to 3685 region. Stoch and RSi for day and week indicate a bit further to go

    • Hucklekiwi Pip

      Looks like it didn’t wait for 3800! It went to 3650 before finding decent support. Let’s see if it bounces back up.

  • Pipstarter

    The GBP/USD trade has a lot of juice in it. Waiting for the market reaction to the GDP figures out today! The Eur is confusing me and different analysts have different perception so I’m staying away from it.

    • Hucklekiwi Pip

      Sadly GBP/USD is still in that tight range. I’m still keeping my trade open though. I really have a good feeling about that one. I’m also considering EUR but maybe after we’ve seen more reports.

      Do you have GBP trades open this week?