Although we are at 111.60 (down 100 pips), I’m still short the pair and will ride it out.
Here is a 4hr chart I rely on greatly for the big picture and direction of any pair. Notice that the QQE is still well under 50 and we are approaching the 50MA. I’ll be adding more shorts to my position if the rally continues.
The trade in detail:
1) Trend lines drawn on the 1 Hr chart. The Euro is on a slide and the trend is down. We are waiting for a retrace and resume our shorts.
2) I went short in the area of 110.50 (15m TL) and added allot more at 111.60 (1hr TL)
3) She started to fall and retraced. I kept positions open as we are still under the 1hr TL
4) And she falls…. Closed all my positions at BE for the 110.50 positions and collected 100+ pips on the 111.60 positions entered at 111.60. Locked in a $3,000 profit in less than 24 hours
