The current move in EURUSD feels like exaggerated / capitulation move.
Time to try a long for a retracement.
RISK management is #1
Trade reasons:
EURUSD pushing past daily S2 - 1.2715
EURUSD pushing past weekly S2 - 1.2710
EURUSD pushing past monthly S3 - 1.2713
EURUSD is -9.30% in less than 2 month without any significant retracement.
1.2743 low was taken out, opening the door to either 1.2660 low or a potential retracement.
Trade parameters:
Entry: 1.2716
Stop: 1.2695-
Target 1 : 1.2804 (38.2% of the last swing)
Target 2 : 1.2917
This trade being against a well defined trend should be size against the low and no complacency given if it start to fail, as an 1.2660 test could happen rather quickly.
Now let's have the market do its stuff...
Time to try a long for a retracement.
RISK management is #1
Trade reasons:
EURUSD pushing past daily S2 - 1.2715
EURUSD pushing past weekly S2 - 1.2710
EURUSD pushing past monthly S3 - 1.2713
EURUSD is -9.30% in less than 2 month without any significant retracement.
1.2743 low was taken out, opening the door to either 1.2660 low or a potential retracement.
Trade parameters:
Entry: 1.2716
Stop: 1.2695-
Target 1 : 1.2804 (38.2% of the last swing)
Target 2 : 1.2917
This trade being against a well defined trend should be size against the low and no complacency given if it start to fail, as an 1.2660 test could happen rather quickly.
Now let's have the market do its stuff...
Trading success is not going to be entering winning trades, but how you exit your losing trades.