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
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0650 after PMI-inspired rebound
EUR/USD loses traction and retreats to the 1.0650 area after rising toward 1.0700 with the immediate reaction to the upbeat PMI reports from the Eurozone and Germany. The cautious market stance helps the USD hold its ground ahead of US PMI data.
GBP/USD fluctuates near 1.2350 after UK PMIs
GBP/USD clings to small daily gains near 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling stay resilient against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.