Forex Trading | EUR/USD – Another Breakdown?

New: Join our 2.5 hours live workshop with Spencer to learn the basics of trading and make your first live trade!

Screen Shot 2012 07 10 At 11.48.33 PM

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!


Banner 01 Trading Foundation Workshop New to Trading? Make your first live trade today in this workshop! Meet Spencer live for 2.5 hours of hands-on training! No prior experience required! Learn all the basics of trading, and step-by-step guidance to make your first trade!

Daily Trading Signals Banner Updated If you're looking for the best trading opportunities every day across various markets, and don't want to spend hours doing the research yourself, check out our private Telegram channel!
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *