Potential Trade Plan
Trade Action: SELL A BREAK
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.
Result: LOSING TRADE
Final Execution Details
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
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!
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