This trade is based mainly on the large corrective wave we have seen recently with this currency pair. At the mid-late December point we can see that the price bounces almost perfectly off of the bullish trend line and has gone for the moon ever since with a high of 173 pips. In the corrective wave that followed this we saw a 73 pip drop in 2 days and 6 hours, now as we are coming to the close of this weeks trading we are seeing traders buying this pair due to it being one of the most volatile pairs on the market hoping to make a quick buck or two. I have traded LONG on this pair with my ENTRY at 1.11725 with my SL and TP clearly shown on the chart.
PLEASE NOTE: Any trades that are taken by the audience are taken at their own risk so we are not liable for any losses that you may incur.
Happy trading!
PLEASE NOTE: Any trades that are taken by the audience are taken at their own risk so we are not liable for any losses that you may incur.
Happy trading!
Trade closed: stop reached:
Unfortunately, overnight we hit our SL so this trade was closed with a 15 pip loss. Thanks to our risk management the loss was controlled, even though it was unpredictable. On to the next one!