W24 - EURUSD - LONG after correction but SHORT target scenario
We are in a downtrend on weekly and daily charts.
For the 4h and 1h chart, the price crossed the trends and we have signs of a possible up trend movment.
I will look for sell orders as we are far away from the daily chart:
Weekly:
I will look for buy orders if I see another correction forming on the current impulse (green scenario)
If the price falls back inside the channel I will enter with a sell order (red scenario)
Reasons for buy:
- price is over the 100SMA (1h and 4h charts and edging the D chart)
- overbought in RSI indicator (1h and 4h charts and edging the D chart)
- the price crossed the down trend channel
- when another leg will be formed a buy order will took place (matching the Fibonacci retracement for the down trend -level 0.7)
Reasons for sell:
- we have a strong downtrend on weekly and daily charts were we are on the impulse zone
- the current uptrend is a consequence of bad news for USD currency (last week)
- we are matching the Fibonacci retracement level (0.5 and we can go to 0.618)
- the price will correct soon and there are no missed pivots that we can target
- the weekly pivot will be under the current price
I will consider OP, TP and SL levels once we see the next movement
For the 4h and 1h chart, the price crossed the trends and we have signs of a possible up trend movment.
I will look for sell orders as we are far away from the daily chart:
I will look for buy orders if I see another correction forming on the current impulse (green scenario)
If the price falls back inside the channel I will enter with a sell order (red scenario)
Reasons for buy:
- price is over the 100SMA (1h and 4h charts and edging the D chart)
- overbought in RSI indicator (1h and 4h charts and edging the D chart)
- the price crossed the down trend channel
- when another leg will be formed a buy order will took place (matching the Fibonacci retracement for the down trend -level 0.7)
Reasons for sell:
- we have a strong downtrend on weekly and daily charts were we are on the impulse zone
- the current uptrend is a consequence of bad news for USD currency (last week)
- we are matching the Fibonacci retracement level (0.5 and we can go to 0.618)
- the price will correct soon and there are no missed pivots that we can target
- the weekly pivot will be under the current price
I will consider OP, TP and SL levels once we see the next movement
Trade active:
I've entered in a small trade till the missed monthly pivot.
Ratio 1/1
Trade closed manually:
I closed the eurusd trade with a very small profit, but did not look for sell trades as previous mentioned.
Will update my analysis on a new EURUSD sheet.
Will update my analysis on a new EURUSD sheet.