Thursday, September 5, 2013

EURUSD Longer Term Short Position

This is a very nice,longer term position that I took on August 27th. Just like its counterpart, USDCHF.

A classic tight range where the over and under pattern was once again present.

A 4H high was established @1.3400, on August 8, providing a nice resistance level. The level was once again tested on the 20th leaving a strong supply area rightabove it. Than, again, on the 27th, the level was visited once more. This time a Short position was established @ the 1.3997 area with stops above 1.3452.

This is was a text book over and under pattern trade with decent stops.

The pair was facing some exhaustion to the upside as suggested by the 4H MACD bear divergence pointing towards the 1.2990 level.

Therefore a bearish correction was due thus making this trade a no brainer.

Position currently secured by trailing stops with good floating profit.

Levels for the trade:

SL: 1.3455
Short @: 1.3997
TP @: 1.2995


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