I’ve had few trades, so far, this year in FOREX, I’m either more cautious or I’ve just not seen my setup. I believe I’m just not seeing my normal setups that I’m accustom to and with this being an FOMC week I was cautious. I had no play setting up prior to the Feds announcement on Wednesday but by Thursday evening I found a possible short play in EURUSD. I use the Pristine Method when trading forex but my only pattern that I look for is M tops and W bottoms. EURUSD had a nice looking M Top forming at a prior high so I placed a short order starting @ 1.3882 and by the evenings end my limit order was hit. I was looking for a 40 pip profit to be taken at 1.3842, here is what the chart looked like as the play was setting up…
EURUSD 0901am05012014
By Friday morning I got the break down that I was expecting with my 40 pip target hit. Not bad for a Fed week…
