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GBPUSD - ShortGU is following the flow, being a bit more resilient thant euro, but still, it's beeing hit pretty hard by dollar strenght. But, this trade could be taken just looking at TA, I entered it last thursday night after the wick that came to retest the 50% Fib level and the trendline, but, I still believe an entry could be made on the last daily candle. For those working on smaller TF, just look for retracement, break and retest, make sure you gat a 2:1 RR at least and go! Like every trade, it might not make it but hey, if you're being consistent on your entries rules then, probabilities will fall in your favor with time. I think this trade is falling into my requirements. Why am I shorting GU : 1) Strong selling pressure on GBP/strong buying pressure on USD 2) GBP made a strong downward movement, 3) it retraced to 50% FIB 4) it broke and retested the trendline it was in since last october. 5) my TP is above next support @ 1800ish + level Let's keep on riding this one! Cheers and safe trading! Leave your comments!
Short
by aemerydufoug
EURUSD - ShortLike I've mentionned in the DXY weekly analysis earlier, I'm gonna to be looking for short on XXXUSD this week, and, what about this nice little daily candle?! EU has been ranging last week, debating on if yes or no it should keep on going south. Looking at the chart it seems like it has made its decision as it rejected the 1.750 - 1.800 level last tuesday, wednesday and thursday, to push further down on friday. Why am I shorting EURUSD : 1) DXY is on the way up 2) Fundamentals are in favor of a strong dollar 3) Euro has been hit by a strong selling pressure in the last two weeks, and broke the recent 1.80 level 4) It retested the 1.80 level 5) The last daily candle shows more selling pressure So as usual, I'm entering this trade at market open, with SL above previous candle, TP = 2SL, right above the 1.05 level We'll see how this goes, same setups can be found on GBPUSD, AUDUSD, or reversed with USDJPY, I'm already in GU and AU, gonna had EU with a half position size Cheers everyone and safe trading!!! Don' hesitate to leave your comments!
Short
by aemerydufoug