Inspiration from Historical Data

Hello Everyone,

I have been exploring EURUSD charts back in the history to find an area with similar patterns.

Please have a look back at the period 2017-05-17 to 2017-06-23 with daily bars (STAGE ONE)

It may be possible that EUR will swamp in this swing between 1.1125 and 1.1280 for a couple of days and may require a break and a closure around 1.1330 area as per the closure of 2017-06-27 (STAGE TWO).

For today I happy of my very safe 20 pips trade even, with a SELL at 1.1261 and a TP at 1.1241.

I didn't expected this incredible fall to 1.1200 frankly! Anyway pips are quite heavy so here so I'm satisfied.

Now I'm looking forward to today's closure to update my forecast :)

See you soon!

P.

Comment:

Looks like we are heading to a closure around those possible leveles:

1.1178 as 2017-05-26
1.1181 as 2017-05-23
1.1195 as 2017-06-09
1.1203 as 2017-06-12
1.1209 as 2017-05-25

Despite a range of 30 pips in the above closures If you carefully check those days, it is likely that there are good daily short swings to take advantage of. I think this is especially true in the light of the strong USD pressure and generalised EUR weakness.

Good levels for shorting are 1.1260-1.1280-1.1290 and I'd like to share my entry strategy on such kind of daily swing trades:

1st Enter @ 1.1260 with 10.000 units
2nd Enter @ 1.1280 with 20.000 units
3rd Enter @ 1.1290 with 60.000 units

You will end up with an average price of 1.1273 if it touches 1.1280 and of 1.1285 if it touches 1.1290. In both cases it is a great situation! Check carefully all of the closure and in general the price rage, there are many many TP opportunities between 1.1180 and 1.1240.

Cheers,

P.