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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.



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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.