Yes, this is a long-term view, but to understand any successful trade, you must look at the big picture and understand the underlying pressure on why the current trend exists and where the final target might be. The Euro / USD has been in a long-term Bear channel since 2008, and as far as I'm concerned, we have a long way to go yet, but unless you're already in this trade as I am, wait for a pull-back, especially with all the news coming out from Wednesday, until then, I'm bearish the Euro with my target at 1.16150, but there will be a lot of buyers around 1.7, so this isn't a trade for the faint hearted, reduce your risks down there.
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Look at that long-term bear channel, a beautiful pullback to 61.8% fib and we're now on the downward run, but I don't think it will be too far, look at the rising RSI, we may move down to 1.7 - 1.6 then back up to 1.21 - 1.22 and that will bring in a lot of short action. Note
Nice start to the open, small gap down in our trading direction, we shall see what the state of play is after the Asian session.Note
Woke up with the pair in a nice decline and more profit, beautiful move to the downside, whose in the trade?Trade active
18/05/2018 08:34 @1.18148 and I've added to the position afterwards, very profitable already. Target at 1.17 - 1.16 beware of 1.17, lots of bulls on the hunt down thereNote
Serious downtrend, lots of profit as we go, now. Caution at 1.7, lots of bulls, if they lose, we're going to 1.16152Note
Very close to our target, patienceTrade closed: target reached
First profits taken down @1.172 I'm expecting a pullback up to @1.19645 or further towards the edge of our long-term channel @1.22, either way, I will evaluate and update and re-enter another short position. Happy hunting.Note
We're still bearish the Euro and looking for price action sell signals at resistance positions after a pullback to the moving average between @1.8 and 1.75Note
Did you sell from the resistance area I gave you, lovely move to the down side on 1HNote
Entry on this one from turned into a lovely move down to 1.152 from 1.17200, again, wait for a pullback and to 1.166, look for a price action signal and re-enter, really simple stuff Trade closed: target reached
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70 pips in profit so far on this pair, Fed increased interest rate made little difference, it only fuelled the $ shorts.Note
All trades on this pair are now below..... very interesting for the rest of the year!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.