JICPT|EURUSD approaching weekly demand z with falling wedge!
Hello forex traders. This is the follow-up of my published idea yesterday. It's a confluence trading strategy with the dollar index. Please check the link below if you're interested.
On the weekly chart, we can see price has just come into a structure. Whatever you call it, e.g. pivot low, weekly drop-base-rally demand zone, you name it. The point is that it might serve as a reversal zone.
On the daily chart, I drew the falling wedge by two red lines. From my point of view, the fall wedge indicate the losing momentum to the downside. Hence, the probability of going up is high. Of course, it couldn't better if euro could go a bit lower to kiss or test the fine-tuned daily zone.
So, it's a bullish swing setup. I didn't talk too much about the entry because I missed the pullback on the 60m. Two options as below:
1. chasing setup: identify whatever entry strategy suit you on the 60m. Be mindful of the pullback.
2. pull back setup: Wait for the retest for lower risk, though you may miss the opportunity.
Give me a like you're with this bullish long setup. Don't forget to set the alert. It could be very helpful when you got long watch list.
On the weekly chart, we can see price has just come into a structure. Whatever you call it, e.g. pivot low, weekly drop-base-rally demand zone, you name it. The point is that it might serve as a reversal zone.
On the daily chart, I drew the falling wedge by two red lines. From my point of view, the fall wedge indicate the losing momentum to the downside. Hence, the probability of going up is high. Of course, it couldn't better if euro could go a bit lower to kiss or test the fine-tuned daily zone.
So, it's a bullish swing setup. I didn't talk too much about the entry because I missed the pullback on the 60m. Two options as below:
1. chasing setup: identify whatever entry strategy suit you on the 60m. Be mindful of the pullback.
2. pull back setup: Wait for the retest for lower risk, though you may miss the opportunity.
Give me a like you're with this bullish long setup. Don't forget to set the alert. It could be very helpful when you got long watch list.
Comment:
In retrospect, I missed it. It fell into the second scenario-pull back setup. I don't like to be a chaser, so I will wait for better entry opportunities.
plan your trade and trade your plan
