EURUSD trading setup

by: Colibri Trader

Dear traders,

The trading setup from last week did perform as expected in the end. After cutting 75% of my initial position, the rest finally reached its target. Probably the more risk averse amongst you have not cut the initial position. If you were in this place, well congratulations! It turned out to be a great trade. Sometimes (almost always) the sitting really pays back. I am not going to take profits now, but risk the rest and wait for the next target to be met. I am overlooking the 0.7350 level. We might see some slowing down before that, but as long as you have your stop-losses in place, that should not be a problem.

EURUSD trading setup

Today’s trading idea is coming from the EURUSD pair. I am looking at the daily chart and as you can see, there is an inside bar. This indicates the readiness of market participants to continue the buying spree. I will probably be looking for a long entry if the price goes down slightly to 1.1200. My stop-loss would be placed just under 1.1140. My first target is the level of 1.1400. The secondary level is 1.1600.

Happy Trading,

Colibri Trader

p.s.

Did you check out my latest article about the New York Close Charts?

or the recent article on RSI