Did anyone take the Eur/USD Inside Bar trade at 9 EST today?
I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.
PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.
I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.
I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.
PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.
I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.