EURUSD Short after Technical and Fundamental Analysis Agreement. Heiken Ashi Bars and Greece Situation.

  • Posted on: 29 June 2015
  • By: strategist
EURUSD Short after Technical and Fundamental Analysis Agreement. Heiken Ashi Bars and Greece Situation.

The Greek situation was definitely not going well as Tsipras & Co. were gambling with the patience of EU top dogs, etc. The Greek bailout was soon due to expire (Jun 30 2015) and there was still no agreement. I was surprised at how EURUSD was still holding up. The fundamentals were definitely in USD's favor.

I was getting ready for a short but of course I needed technical confirmation as I am primarily a technical trader. To see where EURUSD was heading, I used synergy bars on the daily chart. Coupled with a clear resistance and confirmed by higher time-frame analysis, all I needed was a strong bearish sign. As the Greek sirtaki was nearing its culmination (Zorba the Greek song comes to mind), a strong bearish synergy (Heiken Ashi) bar appeared on the daily chart on June 23 2015.

I submitted a short order with a target right above the next congestion (or Supply/Demand) area. Well, I knew that this trade was going to take a few days and a certain drawdown was expected. So, strict Money Management was very important here! Please use the Internet to learn about Money Management. Generally speaking, the notion is to risk no more that 1-5% of your capital on each trade. Sure enough the EURUSD pair was still holding up and was trading in a range for the next couple of days.

As it did not look good for Greece, no matter how much they were "nearing an agreement", the week opened with a gap of around 150 pips, which was right around my target level. Bagged about 150 pips.

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Thank you and green pips to all of you!