The beauty of having a trading plan – EURUSD looking for shorts

Last week I showed you my trading plan in the EURUSD, back then it was trading in a short term range, so I was looking for short opportunities around the top of the range and long opportunities around the bottom of the range.

But I also mentioned that in the case of a breakout, I’ll adjust my strategy and look for trade opportunities in the direction of the break out.

Well, that time has come. Here is the chart:

EURUSD Trading plan

Earlier today, the EURUSD broke the bottom of the range. So here is my plan:

As long as it trades below 1.2822 I’ll be looking for short opportunities.

By the way, I think we’ll see a retracement to that level (we are currently trading at 1.2787), but we’ll see.

You know what the beauty about this is:

I don’t have to guess where the market is heading, I just follow it.

What do you think?

Cheers,

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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 .

  • Gluva Trader

    hi Raul Lopez, why are you thinking the price will retrace to 1.2822 ? Can you explain to me please? Thank you :)

    • Raul Lopez

      Hey Gluva, when the market trades at an important level (blue line) and breaks through either side of the range, most of the time the market retraces back to that level… HTH cheers, Raul

      • Gluva Trader

        I got it. Thank you Raul Lopez. Very Nice Share :)

        • Raul Lopez

          No problem Gluva… Let me know if you have more questions! Cheers!