Last week, we shared how we wanted to short EURUSD as it corrected into our "key selling zone", something that played out like clockwork. The EURUSD is now some 200 pips under our "key selling zone" and is poised to stage an attack on the 1.06-05 region.
On Sunday, we shared how we rotated out of shorting the EURUSD into shorting EURNZD instead, because it offered us a better risk to reward trade and was technically better on the charts. Before the closing bell last Friday, we had already initiated sizable shorts on EURNZD inside our "key selling zone". Our EURNZD short is deep in the money and is gradually closing on our "primary target".
Subscribers of our Premium Signals Service would have gotten live updates to those trades and would have profited alongside us.
On Wednesday, we posted an update to our EURNZD trade saying that the bears were gaining confidence as the selling pressure started to intensify. Our corrective structure on EURNZD ended when price broke below the critical 1.6350 zone and dynamic channel support. Read all about our trade progress in continuum by going back in our trading journal.
We mentioned that we were also looking for other euro-based trade ideas to gain exposure on. Now that our trade has been closed out for a massive winner, we're revealing what that idea was.
Late Wednesday, our sell limit order on EURAUD was filled at 1.5040. Price had rallied into our "key selling zone" where bears were confidently waiting all week long. The selling that ensued was immaculate. Over the next 36 hours or so, EURAUD proceeded to fall nearly 300 pips, filling our target which was within our "primary target" for this pair.
We expect bulls to defend this area and are willing to selling into rallies given the opportunity.
It's a great week not just for us, but for subscribers of our Premium Signals Service. If you want to learn more about this service, click on the button below to get started. Happy weekends!