My first post on Forexflowlive and hopefully you’ll like it ! Let’s take a look at this afternoon’s EURUSD

A quick caveat before I continue. This strategy works for me and is not the only way to trade it of course. Having said that I’ve tried everything – especially when I was a futures trader at one of the biggest prop shops in Europe.

So back to the title of the post. I get asked this a lot and my answer is dead simple. You sell it – but a small size. I’d place my stop just above the recent high, or if I’m doing really small size have a stop above the daily high. Look at my chart. I don’t recommend buying the dip – especially if big levels are getting melted as they are today and yesterday. Look at the damage at 1.1875, 1.1820 and now 1.1780

If it rallies I’d look to sell the bounce on the recent highs (after all let’s assume it is of a dead-cat variety)

EURUSD hourly chart

Where are we wrong? For me the last place I would sell large is into 1.1870 and I’m done at 1.19 big fig

I hope this short and sweet post helps you bag some ticks.

P

Patrick Reid

Swapped the TV screens for the trading screens.
Philosophy: "Define your risk, only then can you ignore it"

Read how Patrick got into trading here
Patrick Reid

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