MON19AUG2019: LONG EUR/USD DAY CHART:
As mentioned above, this morning I entered this Long Trade based on the technicals mentioned above
It hasn’t yet moved enough in our favour to move our stop at b/e, so we cant count our eggs yet…
As usual, wait and see…
TUE20AUG2019: I have done further analysis on this trade we entered yesterday. It has now formed an “inverted hammer” on the day chart. We can also see that (although not “textbook”) the EUR/USD has formed what it appears to be a “Gartley 79” or a Gartley with a “D” point at the 786% fibonacci retracement level.
This further confirms my confidence on this trade.
Furthermore, in the next post, we also see that the EUR/JPY downtrend appears to be “exhausted” and this further confirms the probability that the EUR may go higher from here.
So there is still time to enter LONG on the EUR/USD cross since it retraced back to yesterday’s prices after forming a inverted hammer (above post) OR alternatively, some of you may want to also take on this LONG opportunity on the EUR/JPY.
As part of my KISS principle strategy, I am looking to only enter ONE trade at a time and only open a new trade once the first trade is at B/E at the minimum.
In this case, I have the G/J on B/E and still looking as it might hit one of my TPs (I have 3 separate lots on it) and the E/U open trade at 1unit risk.
I am monitoring the G/J closely to take 1 unit profit at least at any time I see signs of turning around so that I am NOT losing with either trade… if that makes sense, making my total risk “0 units”.
So stay tune for my updates as we move along this week.
KISS PRINCIPLE RULE…A REMINDER…: "LESS TRADES, MORE PROFITS"