After my previous post, the EUR/USD has continued downwards and hit my profit target, where I took profit on my accumulated shorts and watched to see if the next support would be broken. 

Despite the bullish news in the evening today, which caused a major spike up on most equity and Euro-related forex futures, the EUR/USD gave up its gains and went back into negative territory. 

Watching the price action throughout the day, I knew that while retail traders might be going long for a breakout play, professionals were already taking the chance to liquidate their longs and were initiating short positions.

I started scaling in shorts after the major spike, and managed to get in most of my positions near the day high. I used the 5-minute charts to scale out my positions and take profit as price started to break down. 

Now, I am still net short, and I am waiting to see if price manages to convincingly break the support for another leg down.

Stayed tuned in the Synapse forum!

Cheers
Spencer

ALL YOU NEED TO KNOW ABOUT TRADING!

Hi, Spencer here! 😀

After making my first million at 28, and trading & teaching across 60+ countries, I have consolidated my knowledge and experience to create the most comprehensive & practical guides for profitable trading, compiled from thousands of books, websites, courses, and interviews with professionals.

As a former professional trader in private equity and proprietary funds, I have over 15 years of market experience, and have been featured on more than 20 occasions in the media.
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