EUR reaches record price against USD

Today EUR reached the highest price it has ever been against the USD. It went up to 1.6035. and it is forming a very nice pin for those with strategies on D1 TF's.

Yes, I noticed that.

It was a great short trade!!
Sold at the figure , 1.600
Don't wait for confirmation - the move is miles away by then

Forex99 - What do you mean "was"?

If you wait until the day is closed and the pin is formed as I expect, you could easily be making 200+ pips from a short trade.

Well I shorted it at thefigure. Great little trade for the day
Double Top

Well, that's ok. But I am expecting a bigger profit to be hit in a few days if things go as I expect.

If you guys would like me to share how I would trade this one, just let me know and I will be glad to add some more value for our members.

Why don't you just say it.

Ok, I will as soon as the day is closed and I make sure the pin is well-formed.

Yes, indeed!

Ok, this is it. The pin was decently formed so I'm going for it.

I placed a pending order with the following details:
----------------------------------------------------------
sell limit EURUSD at 1.5950
sl: 1.6040 tp: 1.5730
----------------------------------------------------------

I am not making a guarantee that you will be successful following my trade. I am just doing this to add value to the forum and I will later explain how I determined what, how and why I placed that order and its specific details.

As you may have seen, my aim is to win 220 pips with this trade. This is a set-and-forget trade for me. I don't like watching my trades over the day. I rather hang out here and have a cup of coffee with my buddies.

However, if you are a conservative trader and/or you just like to watch your trades, then I will give some tips and recommendations for you to have the best odds on your side. First, if you are a conservative trader, I would recommend that you place a take profit with the same amount of pips as your stop-loss.

For example, my pending order is at 1.5950 and my stop-loss is at 1.6040. So, that is 90 pips. So, as a conservative trader so would be placing your take profit at 1.5860. I hope you understand what I am trying to tell you here. Also, if risking 90 pips is too much for you, you could place a tighter stop-loss. It is up to you.

If you like watching your trades as they go, you could try this... Place your order exactly as mine. If you see the price goes half the way the direction you want (down in this case), you could move your stop-loss to break even. Get what I mean?

If you guys have anymore questions, just let me know...

I almost feel obliged that need to recommend that anyone who thinks dollar is going to recover over the next few weeks or months even sell now but if you want to make sure theres no chnace of you getting taken out by a stray peak, and you are extremely confident that your right about your eur/usd forecast stick you stoploss in at 2.6!!

Then just relax back as you have no pressure then and enjoy your profits when dollar falls.

spanish89 said:

I almost feel obliged that need to recommend that anyone who thinks dollar is going to recover over the next few weeks or months even sell now but if you want to make sure theres no chnace of you getting taken out by a stray peak, and you are extremely confident that your right about your eur/usd forecast stick you stoploss in at 2.6!!

Then just relax back as you have no pressure then and enjoy your profits when dollar falls.

Click to expand...

That'll be 2.6 JPY to the USD, right? :-D

Interesting way of trading the pinbar.

This is a an issue I find new traders have. They wait to long to get into the market.
Do you think it's by chance that price just happend to hit the same highs as before (the figure) and decide to fall? This is a classic double top formation. Sell resistance!! Buy support!! Don't wait till the candle is looking you in the face. Sell stength, buy weakness. This is absoulte key to trading in the forex market. Do what the pros are doing! Not what everyone else is doing.
I'm not saying candle's don't work, but you need larger stops and the move is half way over by then.

forex99 said:

This is a an issue I find new traders have. They wait to long to get into the market.
Do you think it's by chance that price just happend to hit the same highs as before (the figure) and decide to fall? This is a classic double top formation. Sell resistance!! Buy support!! Don't wait till the candle is looking you in the face. Sell stength, buy weakness. This is absoulte key to trading in the forex market. Do what the pros are doing! Not what everyone else is doing.
I'm not saying candle's don't work, but you need larger stops and the move is half way over by then.

Click to expand...

who is this for anyway?

On another note... My position was not triggered (unfortunately only 3 pips away from getting triggered). But if anyone got into a short trade with instant execution they should be in profit right now.

Looks like time always tells...

Here I have attached a picture so you guys can see this trade I made would have been successful. Only 3 pips away from triggering my position.

EUR/USD Trade - See the pic here