Forex Sell Euro Heading Lower?
Updated
Hey traders so I just saw a nice shooting star form on the Euro daily chart after trying to break above 50% retracement level. This is a sign of weakness and I think it is a good price to sell the Euro at the current market price. I will sell at the market and place my stop right above the high of the previous days shooting star candle. Then look to take profit or add more positions if Euro moves lower.
Trade Entry 1.1931
Stop Loss 1.1980
Exit Strategy- Move stop to break even after market moves in favor same amount of pips risk. Then look to lock in more profit.
Risk Management:
(Always look at every trade as how much you can afford to lose. Make sure it is your risk managment tolerance. Most experts recommend never to risk more than 2% of you total account equity on any given trade. Then protect your profits until market reaches your desired target.)
Trade Well,
Clifford
Trade Entry 1.1931
Stop Loss 1.1980
Exit Strategy- Move stop to break even after market moves in favor same amount of pips risk. Then look to lock in more profit.
Risk Management:
(Always look at every trade as how much you can afford to lose. Make sure it is your risk managment tolerance. Most experts recommend never to risk more than 2% of you total account equity on any given trade. Then protect your profits until market reaches your desired target.)
Trade Well,
Clifford
Trade active
Note
Market still did not hit stop so I am still in this trade. Came close to getting stopped out but still alive. So the goal is to eventually move stop to break even. But not yet we must let the market breathe!Trade active
Now move stop to break even at 1.1931 you should have a profit of 78pips right now. Depending on how many contracts you are holding closing 50% of your position in profit is always a good idea. Then hold the rest for more profit. Worse case scenario is if market reverses you will be stopped out with a profit.
Trade Well Friends
Clifford
Trade active
Still holding short for now it is in profit so to protect profits I will move stop to 1.1855
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