DayFarrell

EURUSD STAIRCASE, SHORT THEN LONG

FX:EURUSD   Euro Fx/U.S. Dollar
HERE IS A TRADE SETUP I DISCOVERED A WHILE BACK AND SINCE THEM IT HAS BEEN QUITE SUCCESSFUL, I CALL IT STAIRCASE BECAUSE OF THE SHAPE OF THE CHART.

BASICALLY, LOOK FOR A 23.6 RETRACEMENT, THEN AN EXPANSION TO 76.8, AND A RALLY BACK TO THE 23.6 REGION. USUALLY THIS TRADE WORKS GREAT WHEN THERE IS NO FUNDAMENTALS ANTICIPATING SO I'M CONFIDENT IT WILL WORK. THE TRADE WILL MAKE A U-SHAPED MOVEMENT WHEN IT GETS TO THE 76.8 SO IT WILL SPEND SOME TIME IN THAT PRICE REGION.

HOWEVER, THE CHART CURRENTLY RESEMBLES A HEAD AND SHOULDER PATTERN WHICH MEANS A PULL BACK AT 1.0795. - 1.0938. I'M NOT SUPPORTIVE OF THIS OPTION BECAUSE THE TREND SHORT IS REALLY STRONG, SO A SHARP RETRACEMENT DOESN'T LOOK POSSIBLE. TO BE ON THE SAFE SIDE, WAIT FOR A CLOSE BELOW 1.0795 THEN SELL TO 1.0740. BUY AT THAT PRICE WITH LIMIT AT 1.0860.

ALL THE BEST, CHEERS!!

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out