06 Dec EUR USD 15 Minute Intraday Chart For Short Entry
As there isn’t a lot going on lately in regards to high quality Swing trade set-ups, I thought I’d post details of an intraday trade I’ve entered on EUR:USD .
Chart says it all really, but, the risk is large due to high volatility surrounding every rumour that comes out of Europe, more so ahead of Friday’s big news.
Therefore, although every time frame is bearish and looking attractive for swing shorts, I don’t want to take the risk of being stopped out by a 200+ point spike…..that completely reverses itself when the rumour is quashed!
So, looking at the 15 min chart I entered short on the 20:30 15 minute candle based on confirmed rejection from the falling trend line, and I’ve placed stop loss above the red coloured triangle (23 pips above my entry).
This is potentially a bullish falling wedge, but it’s a good rule to treat a pattern like this as bearish until a bullish break out is confirmed.
There is a fair chance this trade will get stopped out overnight, but if it’s still running in the morning I’ll put the stop loss into profit and play it by ear with an open target.