The daily channel at this pair is holding firmly and we can see a wedge formation inside it too. That makes us think this is a consolidation, because the indicators are showing exhaustion of bears as well. We are selling this pair, so this buy would be a hedge, if it goes against us we risked the amount we don't care about.
We are looking at a rejection from the monthly level. The monthly channel resistance or the monthly horizontal resistance level. See the chart below to understand
See our earlier short call on this pair in the related ideas below. We called the top and it was right on time.
Good luck and don't forget to give us a thumb if you like our analysis! If you have any questions or want us to analyse a specific pair, feel free to contact us.
Regards, ValescoTradingGroup
Trade active
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150 pips into the green, protect the profits by putting the SL at the entry. If you are paying commissions cover them aswell.
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Let's hedge the hedge
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The hedge on the hedge is in the cash, SL to protect the profits on both trades.
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The hedge is going well
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The TP of the hedge has been hit nicely
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Everything comes to an end, so will this bull. We are looking for a rejection at the channel resistance.
@ajschmidt100, Thank you good to hear that it benefits you.
ajschmidt100
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@Valesco_Trading_Group, I don't understand how this doesn't have 400 likes. I have four shared ideas saved on trading view regarding the euro and you are the only ones that got it right.
Valesco_Trading_Group
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@ajschmidt100, It's not always about audience. Likes wouldn't fill our pockets as traders and analysts.
Fractions
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great call max leverage and hold on!! than short 1.165-1.175 Hard!!
Valesco_Trading_Group
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@Fractions, Thank you, trading should be kept easy, but we never do max leverage...