TRADE: EURUSD SELL@1.15640 SL@1.17283 TP@1.11210 Risk: 164*4 Reward: 443*4 Trade Ranking: 3.5
Wed. May 4th 7:08 AM: Update #1: Moving SL to B/E
Friday May 6th 8:06AM Update #2: Closing 75% (3 Lots)@1.14210 Leaving 25% (1 Lot) to run with SL@B/E Up-To-Date Profits: 143 *3 lots = +429 pips
The NFP came and went and basically, nothing happened despite the bad employment numbers. Just another example why you just can't trade on fundamentals! However, the chart tells another story. My last post on this pair I suggested that this pair was headed down after following a predicted spike over the . If you know about fractals, this move was all already projected to happen as per the fractals.
Here's the previous chart I posted on EURUSD about my projections and my read on the relationship:
Shortly after I made that post, prices began falling as predicted. When prices spiked up over the previous resistance, that also completed a and reached the MAJOR TL I talked about in my previous post.
The main chart above shows where things stand after the NFP. Prices moved back up during the NFP to retest the previous resistance turned support now turned resistance again. After testing that level, prices were rejected and should now continue the move down.
One clue as to what will happen is going back to the previous touchpoint of that MAJOR TL where there was also another completed bat that resulted in a +552 pip move back down. And the retrace of that move was .618. If prices do move as projected all the way back down to the lower TL, that will also be a .618 retrace.
Want more updates on this pair as it develops? Want to know when is the right time for a buying opportunity? Get REAL-TIME updates and analysis on this and other forex pairs traded. Subscribe here: https://goo.gl/TJggoR
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Website: http://www.efxselect.com to subscribe
Year-to-date Profits: +5,794 pips.
USDJPY FULL Report (Subscription Required): http://bit.ly/2ttcCTV
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM