Yesterday afternoon there was a pullback in the Nasdaq. We were able to get short and lock in profit. This morning the price is continuing lower, at least for the moment, and we are still short.
GBP/CAD – Long Forex Trade 100+ PIPS
Here we have a long trade with a stop loss at roughly breakeven.
There are 3 separate long positions. We do have the option of manually closing part of the position complying with FIFO rules
Price may be able to run 60 PIPS or maybe 90, however that would be the most aggressive target.
We brought the stop loss into profit. This morning the trade was stopped out for 100+ PIPS profit
EUR/USD – Short Trade
This is a weekly chart. The trade has a Breakeven Stop Loss in place.
We show a zoomed in portion of the chart to point out:
- A Doji
- The Bearish Candle that followed (last week)
The trade was not taken simply because of a candle pattern. However, it can be noted that the Doji and the candle that followed were in the area of a longer term 50% level and there is a Price Action observation worth pointing out.
The Bearish Candle Engulfed the Doji and closed near it’s lows after creating a tail that is longer than the body of the candle.
At the time of writing, price is about 120 pips above the 38.2 Fibonacci Level. That could be a potential target.