Look beyond ordinary analysis
EURUSD had put a very sharp decline after the presidential elections last week. The pair had 8 consecutive days with lower closes each day. It pierced through the support at 1.0900 and it is now trading 1.0670.
There is a potential for only shallow correction and another leg down from these levels but given quiet risk calendar this week, I expect a larger correction back towards 1.0900.
I expect the price to print higher high and retrace back to the support at 1.0660.
As this is a counter trend position, I will enter 50% of my lot 1.0660 and another 50% on the break of higher high at 1.0730
Stop loss below the recent low at 1.0560
Take profit 1.0860
Trade: Buy Market
Stop Loss in Pips: 100
Take profit in pips: 200
Risk of Equity: 2%
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 finally made higher high and a retrecement
I entered 50% of the position at 1.0610 and 50% at 1.0690 ( the top of the higher high )
THIS IS THE LONGEST TRADE EVER!
The pair moved lower this morning at took 50% of my position out at break even 1.06101.
Another 50% of the lot was filled at 1.0690. It is now in now in money and moved to break even again.
There should be more bullish opportunities at 1.0690 after the price pulls back from the current levels
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