SELL THE EURO | Pullback into Bearish Long Pin Bar
Updated
I've linked my EURUSD 10 year forecast "down to parity" from 2018 below, i've traded that all the way down and made a small fortune, but it was pretty obvious when you look at the global currency, DXY and central bank borrowing, and it's still going.
I would suggest you sit tight now and wait for the retracement into one of the two sell zones, but first will be the bearish pin bar, this pull back will give us a lovely 3.5 ratio.
What's more important are the supply zones are really obvious on this pair, lots of volume, remember we're not trying to beat the market, your money will run out way before the market goes in your direction unless you trade like you work for a bank.
Still losing money, maybe you're trading all day every day, stick to the daily time frames until you can be very profitable indeed. Consistancy, a strong plan that includes only entering trades with a good return on investment, risk return ratio. Like this one!
I would suggest you sit tight now and wait for the retracement into one of the two sell zones, but first will be the bearish pin bar, this pull back will give us a lovely 3.5 ratio.
What's more important are the supply zones are really obvious on this pair, lots of volume, remember we're not trying to beat the market, your money will run out way before the market goes in your direction unless you trade like you work for a bank.
Still losing money, maybe you're trading all day every day, stick to the daily time frames until you can be very profitable indeed. Consistancy, a strong plan that includes only entering trades with a good return on investment, risk return ratio. Like this one!
Note
A very strong move to the upside into the selling zone, I would wait this out until the next selling zone up at 1.04 since we're seeing some weakness in the DXYNote
Did you notice the total rejection of the buyers in the selling zone at the top of that Pin bar, that is price action and supply and demand in action, if the DXY hasn't hit it's pullback, the Euro will have another go, and that's when we act, selling the retracement. If we miss it, we lost nothing.Note
I've not entered this trade as yet, Price action was obvious the pinbar was going to be invalidated, especually when reviewing the DXY short term profit taking.On the Euro we've seen the 1.01852 level rejected so far, we're looking to break through that to sell the retracement from 1.04 and then back down towards 0.975 in line with the trend. There are no fundamentals that suggest the Euro will be stronger than the US dollar longer term so far
Trade closed: target reached
We're well beyond our target and took the final profits after running for 4 weeks on this one. Expecting a pull back into parity again now the DXY is at the peak, then we'll sell it back down againNote
We're now at the point of selling this pair again down to 0.96, waiting for a failure at the 0.99 confluenceNote
The DXY has the potential to fall a little further before it finds support, especially given the interest decline no UK10Y guilts, this will push this pair north upto the parity area above 1.0 and we need to see weakness in the pair to sell it back down again, and it will happen, this pair have been in decline for years which I forecast in 2018 on this platformTrade closed: target reached
Another rise repeat trade and why we follow the daily trend each time....
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