It's been 4 hours and EURUSD hasn't made a new low. This is also the completion point of the AB=CD pattern. As of now I have not entered as I was waiting for the green line but I will be deciding soon. Stops may go 10 pips past the 1.618 but I will be a little safer and use 15 pips (31 on contract where a pip is .00005)
This is meant to be a short term trade based on this pattern... I am biased bullish DXY longer term but am currently trading in both directions. Once I am profit 15 pips (= to my risk) I will be moving stops to breakeven.
Always remember I am a novice and have a lot to learn! This might be a lower probability trade but the R:R is pretty good. Let me know what you think!
This is meant to be a short term trade based on this pattern... I am biased bullish DXY longer term but am currently trading in both directions. Once I am profit 15 pips (= to my risk) I will be moving stops to breakeven.
Always remember I am a novice and have a lot to learn! This might be a lower probability trade but the R:R is pretty good. Let me know what you think!
Trade closed: stop reached
AB=CD set-up didn't work out unfortuntely. I am passing on a Euro long and planning to long CAD (Cypher/Butterfly) and GBP (Bat) instead.
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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.