Today’s Trading Outcome
It’s sometimes great to see your trading ideas are getting absolutely precisely to the point that you have been looking to exit. The EUR/USD trade from yesterday has reached our first target precisely. I have taken my profit a bit lower than 1.0940, but the intraday activity showed me signs of reversal. Now, I am not convinced in this trade anymore and will be looking elsewhere for another trade. We seemed to be locked in a trading range and if we try taking a direction in this trading environment, it would be more like a gamble than a reasonable decision. There are two pin bars, that have locked the price in-between and this blurs the perspective for the EUR/USD. I still believe that more bulls will join the action and push EUR/USD higher, but this should be purported by strong price action evidence.
The second trade from yesterday- short DAX has started the day selling in our favour for over 150 points, but then the support level did not let it pierce through, and we have seen a sharp reversal. The daily candle is a bearish rejection, which combined with the support level underneath is giving us more of a long signal than a short one. I will still not go long DAX– prefer to stay away for the moment until the dust settles down a bit.
Therefore, I am staying away for now until a better trading opportunity presents itself. Sometimes, the best trades are the ones that you don’t take.