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105 PIPS ON EURO USD TRADE ~ forex on heaven trading system
As the Euro continues its slow but steady decline against the US Dollar, the current value of the short trade open on this pair is now 105 Pips out of the 277 Pips targeted. This was done within the context of the strong downtrend that began in May this year after the turn at Resistance of the large Pennant on the Daily Chart.
DAILY CHART - PENNANT SETUP
DAILY CHART - OPEN TRADE
The nearly 1400-Pip decline has provided Day and Swing Traders with many shorting opportunities along the way. This current trade, which could reach its target in a few days/weeks, was opened following the break of a Pennant on the 4 Hour Chart.
4 HOUR CHART- ENTRY SETUP
As with all breakouts short from Consolidation, the Stop Loss was placed above the Resistance. Following this entry, additional or new short positions could also have been placed at subsequent bearish signals. The Limit Order has been set to just above the Support of the larger Pennant.
4 HOUR CHART- TRADE TARGET
The trade has now been opened for 4 days and is likely to reach its target in a time period beyond the traditional Swing Trading time frame. It is also being done in a trend that is characterized by smaller Daily Candles than are normally expected for major currency pairs such as this. Major price targets that would also be expected to lead to large pullbacks are also going unnoticed in this atypical downtrend. Nevertheless, it is a trend that can be considered to be used together with existing strategies that target shorter moves with stronger Daily Candlestick signals.
Let us see how this one unfolds together with the inversely correlated USD CHF that is also moving towards its own target;
DAILY CHART- USD CHF
Happy Trading!
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
Facebook: DRFXTRADING
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