A good profitable trade for today fueled by poor ecomonic condition within the Eurozone and lower commodity prices. This condition have elevated the US Dollar against the major currency. Earlier today at around 10:00 am Brunei I enter a short trade on the EURUSD from 1.3986 and aimed an 88 pip profit target. My target eventually hit at 5:00 pm.
It all started from another down leg on the 4-hour chart when it breaks by marked purple horizontal line. From this moment I hunt the market for entry opporunity by drawing a fibo line on my 30-minute chart. Immediately, I placed a sell limit order at the 38.2% level retracement with the usual stop loss at 61.8% level or around 33 pips from my entry. I then usually placed my target at least twice that of my risk.
Looking for another profitable trade in the day to come. Until then happy trading guys ;)