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I previously made a blog post on December 18 showing a possible trade entry set up on the EURUSD after a significant bearish engulfing candle formation formed after Janet Yellen dismissed rumours of a rate hike. Link to the previous post can be found here http://www.dukascopy.com/fxcomm/blog/?action=post-show&post_id=36356.
Entry set up looked liked this
Following up on the original set up we can see that price did indeed have quite a momentous fall after the bullish engulfing formation falling past its 2012 low to the 2010 low before showing beginning signs of resistance.
From here we can likely expect some kind of retracement however there still remains an overwhelming sense of bear mentality which would make any long trade relatively risky. Any bearish entry set ups after a compelling retracement could make for future nice risk/reward short trades.
Happy trading
Entry set up looked liked this
Following up on the original set up we can see that price did indeed have quite a momentous fall after the bullish engulfing formation falling past its 2012 low to the 2010 low before showing beginning signs of resistance.
From here we can likely expect some kind of retracement however there still remains an overwhelming sense of bear mentality which would make any long trade relatively risky. Any bearish entry set ups after a compelling retracement could make for future nice risk/reward short trades.
Happy trading