Strategy: Pending Short
Total Profit / Loss: -163 pips
We re-entered short EURUSD last week having booked profits on the first leg of the position earlier in the month. The trade was stopped out today as the greenback slumped ahead of the FOMC policy announcement. Sizing up the weekly chart, the advance looks corrective, with prices retesting the broken rising trend line set from June’s swing low. Furthermore, as we discussed in our weekly trend monitor, fundamental support behind Dollar weakness vis-à-vis the Fed rate decision seems inherently temporary. As such, we will look for attractive opportunities to re-enter short in the days ahead.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.