Funds Rate + NFP... What do you guys think about EURUSD?!
From the swing high of wave 2 measure to the swing low of wave 3. The .618 fib for that move lines up at 1.12200.
ALSO, if you look at the volume on the right side of the chart, the most volume occurred at 1.1216 or so. The poc of control can also act as a form of resistance.
And lastly, we have the bearish trend line that starts from the head running through all of this..
The reason I chose 1.1216 as the entry is because I'm looking for the POC to slow price down, and the fibs to act as resistance too, this could be a possible news entry.
Typically a 20 pip stop loss is fine when I use a POC on EURUSD 1 hour + charts. but for this I am using a 40 pip stop because it may be volatile.
I chose 1.1000 as my take profit because it is a whole number inside of my by zone. The buy zone was made with Fib extensions of the june swing low, to the top of the head and shoulders.
You will see that if you measure the swing low on the left of the H&S up to the head, we get a .707 retrace. When this happens, I look for a Harmonic Butterfly pattern to complete, which would be at 1.27 but most of the time it is 1.41.
If the entry gets triggered and this trade plays out, I will be looking to buy at 1.1000 as I believe the EURUSD may be done down trending, for a long time.
Enjoy,
ALSO, if you look at the volume on the right side of the chart, the most volume occurred at 1.1216 or so. The poc of control can also act as a form of resistance.
And lastly, we have the bearish trend line that starts from the head running through all of this..
The reason I chose 1.1216 as the entry is because I'm looking for the POC to slow price down, and the fibs to act as resistance too, this could be a possible news entry.
Typically a 20 pip stop loss is fine when I use a POC on EURUSD 1 hour + charts. but for this I am using a 40 pip stop because it may be volatile.
I chose 1.1000 as my take profit because it is a whole number inside of my by zone. The buy zone was made with Fib extensions of the june swing low, to the top of the head and shoulders.
You will see that if you measure the swing low on the left of the H&S up to the head, we get a .707 retrace. When this happens, I look for a Harmonic Butterfly pattern to complete, which would be at 1.27 but most of the time it is 1.41.
If the entry gets triggered and this trade plays out, I will be looking to buy at 1.1000 as I believe the EURUSD may be done down trending, for a long time.
Enjoy,