Happy Valentines Day Traders!
Today, we are on the EUR/USD pair.
We are looking at the 4-Hour time frame.
We are checking back in to see how our EURUSD Double-top trade has played out and we are approaching the target that was set up last week.
Remember that we were waiting for the retrace into the neck zone. Well, let’s have a look at the chart. Notice how that retrace came in beautifully before creating that large impulsive bearish candle.
We also have a strong bearish volume accompanying it. This volume added some confidence into the position as our entry was on the retrace.
Is it too soon to take profits? Well, we always have to make sure that we stick to our strategy as trading is a numbers game. We have to think in probabilities. We can’t go and change every single trade based on how we are feeling. Emotions have a strange way of controlling us. So having said that, we have approached the price structure where the target lies.
It’s not quite in there yet, however, if your stop loss was a bit tighter this could have easily been over 1/4 Risk/Reward.
I am confident in my ability to wait as that bearish volume is suggesting to me that price still may have some way to fall in that area.
Hope you all have a wonderful week and I will be seeing you all on the next one!
Today, we are on the EUR/USD pair.
We are looking at the 4-Hour time frame.
We are checking back in to see how our EURUSD Double-top trade has played out and we are approaching the target that was set up last week.
Remember that we were waiting for the retrace into the neck zone. Well, let’s have a look at the chart. Notice how that retrace came in beautifully before creating that large impulsive bearish candle.
We also have a strong bearish volume accompanying it. This volume added some confidence into the position as our entry was on the retrace.
Is it too soon to take profits? Well, we always have to make sure that we stick to our strategy as trading is a numbers game. We have to think in probabilities. We can’t go and change every single trade based on how we are feeling. Emotions have a strange way of controlling us. So having said that, we have approached the price structure where the target lies.
It’s not quite in there yet, however, if your stop loss was a bit tighter this could have easily been over 1/4 Risk/Reward.
I am confident in my ability to wait as that bearish volume is suggesting to me that price still may have some way to fall in that area.
Hope you all have a wonderful week and I will be seeing you all on the next one!