Trade Set-Up

Potential Trade Plan

Trade Action:   SELL A BREAK

Entry                      1.0884

Stop Loss             -25 pips

Take Profit           +75 pips

Trailing Stop Structure

1st Move                 20.0

1st S/L                       19.0

2nd Move              40.0

2nd S/L                    20.0

3rd Move                60.0

3rd Trailing S/L      20.0

Chart & Forecast Details – BEARISH

EURUSD is lagging behind the other pairs and is set to catch up as the USD safe-haven trade gets another head of steam. We’ve got a sizeable target with support at 1.0896. I don’t think we’ll see it trending lower for long ahead of the NFP on Friday, but we should at least see it dip towards 1.0800 again.

Remember, keep tight trailing stops to mitigate retracements on a lack of follow-through of the break.

Outcome

Result: LOSING TRADE

Final Execution Details

Entry                  1.0888

Took Profit        1.0813

Stopped Out    1.0913

Trailing Stop Structure

1st Move              20.0

1st S/L                    19.0

2nd Move           40.0

2nd S/L                 20.0

3rd Move             60.0

3rd Trailing S/L   20.0

What Happened?

EURUSD broke down through 1.0900 as expected at the start of the European trading session, hitting a low of 1.0882. The move was interrupted by news that a German constitutional court ruled that the Bundesbank must stop buying government bonds if the European Central Bank cannot prove those purchases are needed. This created a flurry of activity and we had a quick spike to 1.0925 before dropping to 1.0825.

It was a case of the right idea, just unlucky timing!

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

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