Solid Pin bar - Short the Euro
Updated
Pin bar rejection indicates a change of direction back into the long term down trend I forecast some years ago, see ideas below. A lower risk trade would be to wait for a 50% retarcement of the Pin with the stops just above the pin bar. Negative news out of the USA is going to increase rates (and 10year yields) which is going to support the DXY bulls and therefore send the USD back to the highs.
We're still in a downtrend on the USD, but are we oversold or is there a long way to fall?
We're still in a downtrend on the USD, but are we oversold or is there a long way to fall?
Trade active
We're in the trade on the pullback and now waiting patiently for the FED speech which will impact the pair heavily.Trade closed: target reached
T1 achieved, take some profits and ride on for T2 at 1.01Trade active
First profits taken, we have two more trades to hold the trade down both at zero loss now. Especially with the FED minutes later. I'm happy to hold through the news with stops fully open if the risk is minimal. Our goal is not to lose and grow our capital.... not take 50/50 each way bets
Trade closed: stop reached
Now you can see why I chose to put both trades to Zero with impending news, we made T1 and no losses on the other trades. The Euro will not be able to sustain this move for a long time, it's a poltical hot potato with rising inflation and food and energy costs.
Note
I will be looking to re-enter this tradeTrade active
We've enterered back into this trade as expectedTrade closed: stop reached
Total failure, not a strong enough move to the downside, data is too weak in Europe
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