So we’ll start today’s update off with a profit target hit. Those who followed along towards the end of last week will remember a EURUSD trade that I picked up on the back of a bullish pin bar forming down in the 1.0887 region. I entered on the close, with a target of 1.096.
I was a little bit on edge about the trade, primarily because of the current dollar sentiment. Things don’t look weak dollar right now, and this makes me slightly less aggressive on the dollar bias. Anyway, price initially ran in my favor, before reversing to head back in towards my entry. These pin bar trades are pretty solid, however, and price once again reversed around my key level to return to an upside trajectory. It took a couple of sessions, but we eventually got the profit hit for a nice takeaway of just shy of 75 pips. The chart below illustrates the action.
I wasn’t overly confident heading in to this one, but as I always say, it’s a price game. If action signals entry, I’ll be damned if I’m missing a signal, and this trade shows exactly why that’s the case.
In the next post I’ll discuss a fresh EURUSD trade which I took on last night’s close, and which is looking pretty good so far today.