Another trade on the EURUSD, this one looks better

As you already know, last week I tried to go short on the EURUSD, it moved in my favor, I moved my SL to lock in some profits and got stopped out at a profit after Draghi’s announcement.

Today I’m trying it again, and it looks even better, I like the fact that the market has been rejected from this level since last week…

We’ll see what happens. Here is the chart:

Here are the details of my trade:

Entry stop: 1.2267 (pending order)
SL: 1.2328
TP: 1.1920

What do you think about this trade?

Please comment below.

Tags: ,

Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Raul Lopez

    This order has been canceled… 

  • Tonyosita

    The idea of going short is ideal considering that all the pending issues against Euro has not been addressed including EFSF/ESM,reactivation of Securities Markets program, decline in ECB interest rate, debt/high interest yielding bonds etc.   But the confusion is that mere statements impact on investor’s sentiments which normaly jolt all predictions.  Again from your data, you entered with 61 pips for your stop loss and profit target of 347 pips.  I consider the pip size on target profit rather on the high side since that see a lot of trend cycles to trigger even though EURUSD has a lot of volatility in the market place.

    • Raul Lopez

      Hey Tonyosita, Thank you for your input. 

      As you say, fundamentally it is a good short.

      Now technically, I think the EURUSD is in a clear bearish condition as long as it trades below the ST resistance level 1.2316ish.

      My order is still pending, so I need the Euro to go down and hit it!

      Good luck!