Look beyond ordinary analysis
After the longest period of range trading, EURUSD finally broke out of the tight channel ( 1.1251.1130).
In today’s session the pair declined to 1.1150, lowest level in weeks.
I expect the lower low to be formed around this level and the price to retrace back up to re-test the resistance/former support at 1.1130.
Treasury yields and FED WATCH suggest that December’s hike could be on the cards. The probability increased to over 71% – 13 weeks before December’s FOMC.
This should support higher USD prices in coming weeks.
Enter the short as a sell limit order at 1.1130 resistance
Stop at 1.1260, break of this level would suggest more upside
Take profit at 1.0900
Trade: Sell Limit
Lot Size: 0.03
Stop Loss in Pips: 130
Take profit in pips: 230
Risk of Equity: 1%
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?: Trend following
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: N/A
Am I selling resistance?: Yes
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?: Resistance
287 total views, 7 views today
288 total views, 8 views today