[Read this trading setup: EURUSD]
As I write this post, The Fed already raise their interest rate and price on EURUSD move lower. As I mention earlier in this blog, I was taking two (2) short trade at 1.0635 and targeting the 1.0518 and 1.0350. I was taking it because I see an obvious Bearish Engulfing Bar rejecting the old support/new resistance level on the 4-hour chart as the picture shows below.
Price reach my first target at 1.0518 and managed to get 117 pips from the first position. For the second position, I just adjust the stop loss level to the 1.0674. As you can see on the 4-hour picture below, price form a nice swing point before move below. I though this is an interesting level to be considered as the stop loss level. With this new stop loss level, I’m risking only 39 pips if EURUSD turns out moving in the direction that I don’t expect.
Here is the summary of my positions:
OP: sell at 1.0635, SL: 1.08781, TP 1: 1.0518, TP 2: 1.0350
Position 1: +117 pips.
Position 2: adjust stop-loss to 1.0674 (risk 39 pips).
EURUSD daily chart
EURUSD 4-hour chart