060819-080819 eurusd NOPRONOLO

EURUSD Daily

As you can see in the EURUSD daily, The tren that started in Nov 2016, and ended in Nov 2017, has retraced 61.8% as of now. 

EURUSD Hourly

As you can see in the Hourly, The downtrend started in July 19, and ended in Aug 19. And retraced 50%. There isnt muc of a 423 level confirmation here,  Here's where we enter the trade.

EUR USD Trade

As we can see, I entered on the first signs of breach on 6th Aug and exited on 9th Aug. The take profit was fixed near the previous trend resistance as identified in the yellow region. As you can see, the price didnt go anywhere, and I was not entirely convinced about the trade setup. What prompted my exit was the profit I booked in the USDCAD trade which is reviewed in my next post. Since both trades had the USD component, and since USD depreciated here, there was no point in holding EURUSD.