TradeProfits TradingLog and Signals - page 2
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The latest trade I mentioned was back on Thursday December 1st, where I wrote a blog post saying there was a good possible trade on EUR/USD if you took a long around 1.3450 with a 50 pip stop loss. If you took this trade, you should have been able to grab close to 100 pips in total.
I decided to stay out of the market for the rest of the week, first of all due to coordinated intervention from several major central banks, and then with NFP during Friday. I thought it would be a good time to let the market make its moves and wait for the beginning of a new week. So here we are, in the beginning of December, and my bias is starting to point to further downside on EUR/USD again.
NFP very close to expectations which is definitely not a bad figure. We had an initial spike on EUR/USD and then the pair started to plummet close to 200 pips from the high of the day. The pair currently trades around the 1.3400 level and my bias is starting to in direction of further downside. However, the pair currently trades between two key zones of support and resistance, namely the 1.3450 level and the 1.3370 level.
My preferred way to trades this would be to wait for a re-test of the upside and look for a possible short trade with a 4-hour reversal candlestick formation. However, I am willing to jump in on a short trade around London open at the currently level if the short term price action supports such a trade. Stops above 1.3460 is recommended.
Ps. A pair which I normally do not trade is CAD/JPY, which looks amazing for a possible short trade from a daily time frame perspective! I will definitely be looking for a possible entry. Keep in mind you don’t want to hold this position overnight (Asian session) due to the possibility of intervention from BOJ.
In yesterday’s post Trading Forex - EUR/USD after NFP I mentioned a good possible short trade on EUR/USD around the 1.3460 level if we got a 4-hour reversal candlestick formation. We got a perfect formation, close to a pin-bar and I took a short trade at the close of the 4-hour candle with an entry at 1.34628 with an initial 50 pip stop loss. The trade is currently 90 pips in profit and I am keeping a close eye on this trade around London open. Post a comment below if you had a chance to get in on this trade.
The reason I consider to close the trade around London open, is because the pair currently trades at the key support level mentioned in yesterday’s post – hence the pair is still trading in the range highlighted yesterday.
I still think we will see the pair continue for further downside, but its definitely possible that we will get a bounce at this level around London open. So if short-term price action indicates possible upside in just around an hour from now, I might be closing out. For now I have moved my stop loss to the 1.3450 level locking in a bit of profit and if you are in this trade, I recommend you to do the same.
If you are not in this trade, there is a possibility to look for a short trade, should we get a second re-test of yesterday’s high, again with some 50 pips in stop loss. Another possibility is to wait for the break and close below the 1.3360 level, wait for a pullback to test this level from below as resistance and look for a possible short trade at the 1.3360 level, again with a 4-hour confirmation setup.
Another setup I highlighted yesterday was a possible short on CAD/JPY. The pair did move some 30 pips lower so it would be a good trade, but I still think there is a good chance to get in on this one. I will wait for a pullback to the 76.50 level and look for a possible short trade, again with a confirmation setup.
As always keep your risk low and make sure to place hard stops right after trade execution.