I win THESE setups 80% of the time. (Short) (HORIZON)
Another breakout pattern happening on the chart, amidst speculation about the Fed raising interest rates. The swing high we saw today, Is most likely at an end, New York just closed and price peaked at a resistance / supply level. Generally speaking, higher US interest rates mean "stronger" Dollar in Forex. When paired with the struggling Euro, it most likely indicates that a bearish trend is going to continue long term. That doesn't really matter as much in the grand scheme of this trade, because it's not unlikely that this fan pattern will end after price regresses back to the mean, the reason that I mention the fundamental aspects is that this might be a good long term short opportunity, given the current market conditions. AND upswing we saw today could be evidence of institutional traders taking advantage of this news to eliminate competitors and create even better short's for themselves. The long move today, on the back of this economic news, could be taken, in a way, as confirmation of the move to the downside long term. However, I never trade news on its own, so take that however you'd like.
If you aren't familiar already, I've been developing an EURUSD specific algorithm called "Horizon" that's been performing consistently well on the 5 and 10 minute period. The higher resolution (lower time frame) helps the algorithm find high quality setups, but also reduces the trade history of this strategy. Every week new trades are added, and old trades are removed. On the 10 minute, the total trade history is just 3 months (40-50 trades). In that three months this strategy has averaged 140%-170% ROI, 58%-69% Win Rate, 3-4:1 RR, and 7-9% Max drawback, using 1.7% of equity per trade.
Horizon has now completed 4 live trades to date, of which it won 3, and has taken around 80 pips net. Horizon has also entered a short position in confluence with the fundamental indicators I mentioned earlier. This is the 5th trade of the forward test of this algorithm, and I like this trade not just because the bot said so, but because I think the long term trend agrees, and the breakout pattern I keep posting about is also at play here. (see below)
If you aren't familiar already, I've been developing an EURUSD specific algorithm called "Horizon" that's been performing consistently well on the 5 and 10 minute period. The higher resolution (lower time frame) helps the algorithm find high quality setups, but also reduces the trade history of this strategy. Every week new trades are added, and old trades are removed. On the 10 minute, the total trade history is just 3 months (40-50 trades). In that three months this strategy has averaged 140%-170% ROI, 58%-69% Win Rate, 3-4:1 RR, and 7-9% Max drawback, using 1.7% of equity per trade.
Horizon has now completed 4 live trades to date, of which it won 3, and has taken around 80 pips net. Horizon has also entered a short position in confluence with the fundamental indicators I mentioned earlier. This is the 5th trade of the forward test of this algorithm, and I like this trade not just because the bot said so, but because I think the long term trend agrees, and the breakout pattern I keep posting about is also at play here. (see below)
Trade active:
55 pips up so far, these breakout pattern trades are almost a sure thing, especially when you get all the confluent signals we got yesterday.
Comment:
Sorry for all the typos, I'm usually in a hurry to get these posted so I can focus on managing my trades.
