This is a simple idea on the EURUSD pair, for some of you that have been reading our posts would have noticed we focus on trends alot. Its pretty seldom that you find us trading in consolidations.
Today we took a look at the open price of the pair after the Bulls and Bears displayed a bit of confusion at the previous day candle. We are indeed still in an uptrend and it does not look like its dying down soon. There is no valid information that tells us otherwise. Taking a look at the daily timeframe you can see how price bounced on the bottom trendline of our channel. The previous candle failed to give us a significant low to doubt the trend.
Switching to our 4 hour timeframe, we can see how price stopping dropping at the 1.12590 and 0.236 Fib retracement. We can see a few stalemates between the Bulls & bears and a minor resistance at 1.13167, it may be well that Bears are maintaining a fight at this zone. We have to use this zone as a signal of strength, and place our entry above this zone. We have placed a stop loss below the 0.236 fib retrace line.
Our position looks like this:
Entry: 1.13260
SL: 1.1240
TP: 1.1510
Any new updates on this trade developing we will def keep updated.
Today we took a look at the open price of the pair after the Bulls and Bears displayed a bit of confusion at the previous day candle. We are indeed still in an uptrend and it does not look like its dying down soon. There is no valid information that tells us otherwise. Taking a look at the daily timeframe you can see how price bounced on the bottom trendline of our channel. The previous candle failed to give us a significant low to doubt the trend.
Switching to our 4 hour timeframe, we can see how price stopping dropping at the 1.12590 and 0.236 Fib retracement. We can see a few stalemates between the Bulls & bears and a minor resistance at 1.13167, it may be well that Bears are maintaining a fight at this zone. We have to use this zone as a signal of strength, and place our entry above this zone. We have placed a stop loss below the 0.236 fib retrace line.
Our position looks like this:
Entry: 1.13260
SL: 1.1240
TP: 1.1510
Any new updates on this trade developing we will def keep updated.