Technician
Long

EURUSD Short term bullish setup

FX:EURUSD   Euro Fx/U.S. Dollar
1362 42 9
Update: First Target Hit. Exceptionally, I am not moving stop loss to break even for this trade.
Update: closed near full target at 1.3640.
Profit(pips)=50+110=160
Accumulated profit/loss (pips) = 2472


I am looking for a short term bullish rebound as price shows a strong bounce of the 1.27 extension level of CD Wave and 61.8 retracement for the overall bullish wave within the context of the falling wedge

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Trade number: 64
Accumulated profit/loss (pips) = 2312

Pre-trade stats
Number of trades:63
Winners: 33 Losers: 22 Cancelled: 8
Profit/loss (in pips) = 2312
Open trades: none Pending trades: none
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is moved to breakeven
4. Second unit at second target
5. If 90 percent of first target is reached without triggering entry, trade is cancelled
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AshleyWeyers
2 years ago
1.35633 is previous support, may hold as resistance?
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Technician TOP AshleyWeyers
2 years ago
In falling wedge patterns, lows are usually not reliable as resistance levels, but highs should have the major weight.
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Technician TOP Technician
2 years ago
But there is always a chance that it might act as a resistance
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AshleyWeyers Technician
2 years ago
Its also confluence with .382 retrace from previous swing high
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Technician TOP AshleyWeyers
2 years ago
True, its an intraday resistance, a break above it may give my setup more chances to complete. ill post a chart in a minute
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Technician TOP AshleyWeyers
2 years ago
snapshot


I mean,its not objective, there is always some subjectivity
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AshleyWeyers Technician
2 years ago
I know, I think your analysis is brilliant, I enjoy the discussions and thank you for your constructive feedback. I always learn something new.
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Technician TOP AshleyWeyers
2 years ago
Thanks man, I also feel happy doing that
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Technician TOP AshleyWeyers
2 years ago
wish me some luck in this trade :)
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AshleyWeyers Technician
2 years ago
Good luck. I'm short on the GBPCHF trade.
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fxtrader66
2 years ago
I think price can reach your target. 1.35560 has been support in the past and a place where stops would be placed just above. A strong move thru it and a short squeeze could occur. Nice trade!
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could work - could - but dont expect a lot
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m4riovolp3 PRO m4riovolp3
2 years ago
snapshot
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Technician TOP m4riovolp3
2 years ago
Cant get what u mean by the chart ?
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m4riovolp3 PRO Technician
2 years ago
very simple: your Idea is nice, it could work... but through my analyses and solutions, I will expect an another leg down. The aforementioned image shows you, that the peak of the long potential was maybe reached...
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Technician TOP m4riovolp3
2 years ago
Aha ok, mine is a 1 or 2 day trade, not an outlook
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m4riovolp3 PRO Technician
2 years ago
wish u a big profit.... have a nice day :)
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Technician TOP m4riovolp3
2 years ago
You too :)
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alex.a m4riovolp3
2 years ago
But remember today, NY market is closed. Perhaps, what Technician is saying might work at least til the end of today and then tomorrow might turn???
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@ashley , Not going well, Price Failed at your mentioned resistance 1.3565 so far, i don't like this price action, Ill wait bit and update

snapshot
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AshleyWeyers Technician
2 years ago
I did get a bit anxious on the previous candle
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butterliesel
2 years ago
do you still wait for the long opportunity? or will he go down first to 1.3430 area? I've seen a bullish pattern forming on H1 now with a target of about 1.3560... and a pattern on H4 with a target of about 1.3680..
H4 is not fully formed now.

Cheers,
BL
Reply
Technician TOP butterliesel
2 years ago
Yeah, i am still long! Just decided to leave it for the stop, also my other GBPCHF trade... Not working well.
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Technician TOP butterliesel
2 years ago
I am overall bearish, as mentioned in my previous post. but i aimed for a short term correction here.
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Mxkdailee
2 years ago
@Technician
Yeh I was expecting it to break that t 1.355 resistance area :(, Im in for long position as well. It looks like it will come back up to test that resistance of just looking at a smaller pattern in a 30min to 15min time frame.
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Technician TOP Mxkdailee
2 years ago
Good bounce now, but i need to see price close this four-hour candle above 1.3535, otherwise bias remains bearish now
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Nika Kerelashvili Technician
2 years ago
hey technician, i'm long now
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snapshot
do u see the 50% retracement? As I mentioned, the power to go long is still low - also: another leg down... ;)
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Retesting 1.3565 resistance again. We need a break ppl
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Technician TOP Technician
2 years ago
snapshot
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AshleyWeyers Technician
2 years ago
You are the master...
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Technician TOP AshleyWeyers
2 years ago
:). still in play no target yet
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Update: First Target Hit. Exceptionally, I am not moving stop loss to break even for this trade.
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AshleyWeyers Technician
2 years ago
Amazing. Well done for hanging in there.
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Technician TOP AshleyWeyers
2 years ago
Thanks, I hope You benefited too
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AshleyWeyers Technician
2 years ago
nope, took a small profit on my short and missed the break up. No problem, took a great short on CADCHF.
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Technician TOP AshleyWeyers
2 years ago
Great. Setups never end :)
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Technician TOP Technician
2 years ago
GBPCHF Was a loser for me. But its ok.. I am reassesing setups with harmonic patterns, seem weak to me
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Update: closed near full target at 1.3640.
Profit(pips)=50+110=160
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Cheeerz
Reply
buzzcoproducer
2 years ago
good job..
Reply
This is one of my favorites
+1 Reply
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