This is my analysis and trading plan on EURUSD i'm looking to long/buy from the 61.80 FIB retracement where the buy is indicated with several confirmations.
1. First confirmation with the double top forming at the area of resistance when the buyers pushed the bulls candle above the area of resistance and couldn't hold then it pulled back down and closed within the body and below the resistance clearly showing the reversal sign to complete the double top and indicated with red arrows (you can move down to the 4hr Chart for a clearer view) and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support before moving back up.
2. Second confirmation, i never go against the trend and it bullish so i wait for a clear confirmation to buy/long.
RISK/REWARD RATIO @ 1:5
STOP LOSS @ 50 PIPS
TAKE PROFIT 3 @ 279 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)
1. First confirmation with the double top forming at the area of resistance when the buyers pushed the bulls candle above the area of resistance and couldn't hold then it pulled back down and closed within the body and below the resistance clearly showing the reversal sign to complete the double top and indicated with red arrows (you can move down to the 4hr Chart for a clearer view) and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support before moving back up.
2. Second confirmation, i never go against the trend and it bullish so i wait for a clear confirmation to buy/long.
RISK/REWARD RATIO @ 1:5
STOP LOSS @ 50 PIPS
TAKE PROFIT 3 @ 279 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)