Executed a short position on EURUSD today which ended up being a break even trade; but here's why I was looking short.
After bearish momentum towards the end of the year, price has been ranging sideways for a few weeks which is likely an accumulation for a bullish reversal or a redistribution for a continuation of downside pressure. Yesterday, price had already rejected strongly at the highs of the range and looked to be pushing down. Earlier today during the London session and the New York crossover, bears looked to be in control with supply temporarily over powering demand. Spotted my entry point and executed the sell, price ran in my favour for a few hours maxing out at 3.36R before pulling back to break even...on to Wednesday.
After bearish momentum towards the end of the year, price has been ranging sideways for a few weeks which is likely an accumulation for a bullish reversal or a redistribution for a continuation of downside pressure. Yesterday, price had already rejected strongly at the highs of the range and looked to be pushing down. Earlier today during the London session and the New York crossover, bears looked to be in control with supply temporarily over powering demand. Spotted my entry point and executed the sell, price ran in my favour for a few hours maxing out at 3.36R before pulling back to break even...on to Wednesday.