Hi traders!
Here we have one of the hottest trade that I had to draw of 2017. This is all kind of crazy! EURUSD is trying to get over that 1.20. It couldn't do it the first time but hasn't fallen much either after. This could indicate that buyers are still there support that idea.
Now I had to look back in time to see that we had a order block on the weekly timeframe which is just above the current price. We also have a daily one that just created itself just below the price. To add to this awesome trade, we are stuck in a symmetrical wedge. But wait that's not enough because we have the FOMC news coming up this Wednesday to stir up everything in the forex market. This looks like it will break both ways before going hard.... in just one way. Which one is it though? Last time the Fed said anything, DXY got crushed. If they haven't changed their overall stand, we may have the same faith.
Here is what I'm thinking :
EURUSD BUY LIMIT :
ENTRY : 1.19061
SL : 1.18344
TP 1 : 1.20946
TP 2 : 1.22019
Giving us the best chance of not getting wick-ed out of this trade.
RR is nice also when trying to get an entry lower in that wedge.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Here we have one of the hottest trade that I had to draw of 2017. This is all kind of crazy! EURUSD is trying to get over that 1.20. It couldn't do it the first time but hasn't fallen much either after. This could indicate that buyers are still there support that idea.
Now I had to look back in time to see that we had a order block on the weekly timeframe which is just above the current price. We also have a daily one that just created itself just below the price. To add to this awesome trade, we are stuck in a symmetrical wedge. But wait that's not enough because we have the FOMC news coming up this Wednesday to stir up everything in the forex market. This looks like it will break both ways before going hard.... in just one way. Which one is it though? Last time the Fed said anything, DXY got crushed. If they haven't changed their overall stand, we may have the same faith.
Here is what I'm thinking :
EURUSD BUY LIMIT :
ENTRY : 1.19061
SL : 1.18344
TP 1 : 1.20946
TP 2 : 1.22019
Giving us the best chance of not getting wick-ed out of this trade.
RR is nice also when trying to get an entry lower in that wedge.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Order cancelled:
I'm canceling the pending order before FOMC. Gut call.
