Strong Euro buy signal after pullback in uptrend!
Updated
Hey Traders so I was noticing on the charts that the Euro has been in a strong uptrend. Just saw a nice pullback buy signal on the daily chart and went long. These pinbars or hammers are great signals and when you see them in the current trend it is normally a great opportunity. The way you trade it is buy on the open of the next day candle so I went long around 1.2197. Then you just put your stop below the wick of the previous day candle at 1.2127. The you shoot for a target of 2:1 risk reward and target resistance for take profit. I think the dollar is going to continue to weaken until the FED says the word Taper!
I am a strong believer in the the old saying The Trend is you Friend!
What does the tradingview forex community think?
Where do you guys think the US Dollar is headed?
Enjoy!
Trade Well,
Clifford
I am a strong believer in the the old saying The Trend is you Friend!
What does the tradingview forex community think?
Where do you guys think the US Dollar is headed?
Enjoy!
Trade Well,
Clifford
Trade active
Note
Best take profit should be at resistance 1.2348Note
Trade closed: stop reached
hey traders so this trade was stopped out because I put the stop too close at the wick around 60 pips risk. However if I had used 100 pip stop I think the trade might have made a profit. Food for thought learn from mistakes and live to trade another day to win!
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