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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!



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.

comment-img 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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