Look beyond ordinary analysis
After no much stimulus promises from Drahi this afternoon, EURUSD declined from the daily high at 1.1320 and is approaching a major support at 1.1260.
The pair was in a short term uptrend for a while and declining probabilities of FED raising interest rates should support the current up move.
The combination of two should give enough reason for this market to push higher, at least in the short term.
Long positions can be entered at 1.1260, the major resistance, now support. The price is trading around this level now.
Stop loss invalidating the long setup should sit around 1.1210, just below the recent lows.
Take profit should be taken at 1.1360 and then 1.1440
Trade: Buy Limit
Lot Size: 0.03
Stop Loss in Pips: 50
Take profit in pips: 100
Risk of Equity: 2%
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
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?: Yes
Am I selling resistance?: N/A
Is this entered during London’s session?: Yes
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?: Not clear to me
EURUSD moved lower in Friday’s trading. The pair collapsed to 1.1190, another major support. My trade was stopped out for 40 pips loss. The correction turned out to be deeper but I still believe there is upside potential from the current levels.
243 total views, 9 views today
244 total views, 10 views today