Hello traders, and welcome again to my blog spot. An update on yesterday's trade. Initial momentum carried me into a 30 pip profit. However, a fake out formation on the inside bar setup started to form close to the first hour of the trade.
To protect the position given the amount of volatility, I moved my stop to cost. This was ultimately stopped out, and what ensued was a whole day's worth of choppy trading across the remaining hours of the American session.
EU summit clearly in focus today with the price action little moved. Risk aversion is starting to creep onto the scene with other risk pairs off weekly highs and Gold spiking above 1700 level.
At this point, I am now considering a bearish position for Euro. However, I am notorious for taking the wrong side of these sorts of trades. Looking at the chart, there is potential to break out to either side.
Will look for a short setup in any case and confluence between 1 hour and 4 hour charts. Open profit target with an initial soft target in the 1.3820 area.
Good luck everyone.
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