Look beyond ordinary analysis
EURUSD has been trading down for the last couple of weeks. The pair pierced through all supports and only now is finding some bids.
After a good data I expect this market to correct to the upside in the short term.
The current reversal pattern is consistent and the risk is small.
The pair reached extreme PP zone
The stochastic show oversold levels on daily charts
The current level is a major support
Given this is a counter-trend position, I will enter half of my position at the 1.0900 and another half at the break of the recent higher high 1.0950.
Stops below the recent low at 1.0840
Initial target 1.1120
Trade: Buy Market
Lot Size: 0.03
Stop Loss in Pips: 60
Take profit in pips: 220
Risk of Equity: 3%
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: No
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Not clear to me
Is this trade with the trend?: Reversal
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London’s session?: Not sure. Its a pending order
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support
EURUSD gained momentum after the GDP data showed growth mainly from net exports, which suggest weaker spending components and net exports unlikely to hold such a level. Investors sold off USD.
Both positions are filled. Im moving stops to break even
CLOSED ONE LOT AT 120 PROFIT
SECOND LOT IS MOVED TO BREAK EVEN AT 1.0950
Closed the second lot at 1.1110. I expect some resistance around this level and the price to correct to the downside. NFP tomorrow
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