Trade Set-Up

Potential Trade Plan

Trade Action:   SELL A RALLY

Entry                      1.0823

Stop Loss             -35 pips

Take Profit           +105 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 should remain under pressure after the landmark German court ruling which could tie the European Central Bank’s hands in fighting current and future crises. I reviewed yesterday’s trade and am happy with the direction. I now just have to be patient and wait for a bounce-back towards 1.0890.

I’ll be keeping a close eye on the 3 US employment data released this week, as I want to avoid any significant USD weakness when it approaches the resistance trendline.

Outcome

Result: Cancelled

Final Execution Details

Entry

Took Profit        

Stopped Out    

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?

I canceled the order as the US Weekly Jobless Data approached. It turned out to be the right move as EURUSD finally broke through 1.0825.

All traders, ideally, need to assess momentum as it approaches the trendlines, in particular, if there are economic data that has the ‘raw nerve’ qualities to it. The ‘Raw Nerve’ is something the market is focusing on very closely. In this case, the US employment data is really the only eco data the market is focusing on. Current weakness is pointing towards possible negative rates in the US and that’s putting a negative ‘yield’ spin on the USD.

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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