LarsSorensen
Long

Upcoming bullish reversal on EUR/USD 1H chart.

FX:EURUSD   Euro / U.S. Dollar
1135 10 18
Found a bullish pattern here: Bullish AB=CD and the pair is entering its "oversold" RSI zone on indication.
My guess is that within one to six days we will see a clear bullish reversal, the economic calendar for week 30 does not show any important news events that might disturbe any consilidation. Week 31 (next week) also nothing of huge importance. Maybe its cooling off time after all the fuzz in Greece.
Thanks for all of the comments, really appreciate any feedbacks. I wasn´t quite sure myself on wehter the asset was going up or down, logically it could only go up as it has been in a downtrend for well over a week, since June actually as you can see in the chart, and after the gold dropped yesterday in price the situation seems to be more clear. whats with that a 50+ dollar drop in less than 15 minutes the only reason I can see is that it happened whilst Asia market opened thus it had to do with bullion market in India and China dumping the Gold for cash (USD). But who would have guessed? It certainy has left the Forex market in a unequal situation.
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I am going long till 1.0930, then short @ 1.0930 till 1.0750
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I agree with your assessment...in principle but not in the way it's going to unfold. Careful relying on AB=CD pattern to make a trade call. Remember a thing called "alternate AB=CD" that occurs frequently. I don't believe there's any "reversal" underway just yet. There's still more downside to go and then up. But that's just my opinion....
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What's interesting is so many people start talking about the reversal (including myself) that I'm beginning to question this. But for the moment everything seems to be working out just fine and the reversal in underway..
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There's money to be made. Let's just trade each swing.
+1 Reply
Hi, depends on your appetit, if you are cautious I would suggest (+/-) 20 pips from entry, or if you feel secure about your trade, i would advice (+/-) 50 pips from entry.

Lars.

+2 Reply
What would be your stop-loss level?
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LarsSorensen ninjabenja
I would wait until the pair goes lower - 1.1790 - - - before entering long - -- dollar, is doing much better at the moment. Cheers.
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LarsSorensen LarsSorensen
1.0790 and below sorry.
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