Tag: price action

EUR/USD – Short Trade

Posted on by Admin in Forex Trades

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.

Spot Gold Day Trade

Posted on by Admin in Commodity Trades

Here we have a rare trade in Gold. specifically the XAU/USD pair.

There was a Sell Limit order which was filled (short position).

When we look at the 5 minute chart, price was rallying higher after the initial move that brought the trade into profit.

It didn’t look like it would continue lower so it was decided to close the trade manually. +9 Points