EUR/USD Death Spiral to Continue? Ichimoku - Short Trade Setup
The US dollar continued its rampage last week as this pair slid even lower. I am looking for this trend to continue over the following weeks, but I want to see support broken to get short. We've bounced twice at this level so I really want to see it clearly broken to enter my short. I've drawn out some possible take profit levels I'll be aiming for if I do enter. This trade setup may become invalidated if our bearish confirmation end.
This trade idea may seem a little risky to most but I carry a different philosophy than a lot of the traders out there. Many trader at this point would be looking for this pair to reverse, where as I am looking for it to continue. Statistically when a trend is confirmed and in motion (a longer term trend anyway), it is more likely to continue than to end. Therefore I continue to look for entries until there's a confirmed reversal. You'll see this sentiment carried out across the vast majority of trades.
This trade idea may seem a little risky to most but I carry a different philosophy than a lot of the traders out there. Many trader at this point would be looking for this pair to reverse, where as I am looking for it to continue. Statistically when a trend is confirmed and in motion (a longer term trend anyway), it is more likely to continue than to end. Therefore I continue to look for entries until there's a confirmed reversal. You'll see this sentiment carried out across the vast majority of trades.