EURCHF - Can We Head Any Further Down?

30 ago 2023

Analysis:
Bearish Confluences

• Strong downwards trend
  
• Retesting an area of significance
  
• 61.8% fib retracement level touch
  
• In a descending channel
  
• Descending triangle pattern forming
  
• Downwards trendline touch
  
• 8K short position increase for the EUR
  
• 2K long position increase for the CHF
  

Bullish Confluences

• EUR is the strongest major currency whereas the CHF is the 3rd weakest major currency
  
• 7K long position increase for the EUR
  
• 1K short position increase for the CHF
  
• Recent EUR news has been bullish
  

Stay Safe - The JPI Team
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Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.

30 ago 2023

Trade attivo

Our entry requirements have been met and our order has been filled. We are short looking for this downwards trend to continue, eventually hitting our take profit.

1 set 2023

Trade chiuso: obiettivo raggiunto

Trade Closed
(+1.19R) Made
After Trade Comments:
Although this trade wasn't the best RR, profit is still profit. We nailed the entry with price only going the slightest bit into drawdown before dropping to our take profit. This was a nice quick trade that the team were able to capitalise on. Although some of our trades have massive RR, not every trade needs to be like that. If you take enough smaller trades like this then they will add up over time. Don't always aim for 1:5 or 1:10 because this is unlikely. Trade smarter and don't have a static take profit value. Base your take profit and stop loss on market structure. This is the key to ensuring that you don't get stopped out too early or take profits too late. Trading is all about history and patterns, so give yourself the best chance at profiting by basing your take profit and stop loss on prior levels as these areas will most likely be respected. With this trade over and done with, let's see if we can catch another winner.

Stay Safe - The JPI Team