EURUSD: Looking for Shorts at this decision point
If you saw my post yesterday then you know that I’ve been waiting for a potential short on this pair. (Here’s the video link explaining the trade youtube.com/watch?v=Qxi7KNW-38M) My initial killzone was pretty large and after a brief test of the bottom levels of it, price has rallied back to the top providing me with the opportunity that I was waiting for.
The reason I didn’t enter the trade yesterday was strictly due to the fact that I wouldn’t get the risk reward that I wanted. Risk reward will still be difficult at this level because of how close the structure levels are but if I’m able to get the entry that I want, my stops may be short enough to make it work.
The London session extension gave us another equal measured move back into structure looking left and some Fibonacci extensions. The bulls gave a nice test of the highs and were beaten back after the first attempt to break through. As I type I’m watching this on the 15 minute chart waiting for a reason to enter, all depending on how this current candle completes. For targets I’ll be looking for a move back down into our previous new structure highs, and certainly looking to aggressively manage this one during my live trading room hours. We’ll see how this one pans out
“Plan Your Trade, Trade Your Plan”
Akil Stokes
Chief Currency Analysis at Trade Empowered
Click Here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
Facebook: facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM
The reason I didn’t enter the trade yesterday was strictly due to the fact that I wouldn’t get the risk reward that I wanted. Risk reward will still be difficult at this level because of how close the structure levels are but if I’m able to get the entry that I want, my stops may be short enough to make it work.
The London session extension gave us another equal measured move back into structure looking left and some Fibonacci extensions. The bulls gave a nice test of the highs and were beaten back after the first attempt to break through. As I type I’m watching this on the 15 minute chart waiting for a reason to enter, all depending on how this current candle completes. For targets I’ll be looking for a move back down into our previous new structure highs, and certainly looking to aggressively manage this one during my live trading room hours. We’ll see how this one pans out
“Plan Your Trade, Trade Your Plan”
Akil Stokes
Chief Currency Analysis at Trade Empowered
Click Here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
Facebook: facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM
"The Trading Coach Podcast" - Available on your favorite podcasting app!
anchor.fm/thetradingcoachpodcast
TRADING UNMASKED 4-Day Online Trading Workshop
REGISTER TODAY - tieronetrading.com/
anchor.fm/thetradingcoachpodcast
TRADING UNMASKED 4-Day Online Trading Workshop
REGISTER TODAY - tieronetrading.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.