EURUSD Long Traders Might Want To Consider Taking Profit!

23 Ağu 2015

My last Idea's trendline was broken. No big deal because proper stops were in place. Never forget stops. Its better to loose 50 pips than 100 or more! A penny saved is a penny earned. So as the title of this chart says long traders might want to consider closing any long trades. We are entering a very volatile area. Three trend lines all converge at once at a mere 50 pips above EURUSD's current close price. As always, the market can do whatever it wants. It could continue rallying as if no trendlines were there at all. Although, Monday or Tuesday could be a day(s) composed of violent retracement. So I am neutral right now with positions closed awaiting a break or rebound.

Don't forget to like if you found this helpful or interesting. I always appreciate thoughts and comments too. Happy Trading!