PREDICION FRIDAY - EURUSD wedge breakout
Traders,
First REMEMBER: These predictions are just for the fun. And are not actually trade's i look to take. It is for building my discretion into the markets and note things to keep improving my trading. ENJOY! :)
Daily:
The daily price is very bearish and putting in some desceleration candle's. This usually means the bulls are getting out of their positions which means selling pressure. The price is near the descending trendline which is pretty respected during the previous outside returns. This is also a nice indication. The price also touched the 50% retracement. The 50% retracement is not a fibonacci number but it is very respected in the markets.
The 20 EMA Is also touched with an Doji signal.
240:
The price is creating a nice wedge pattern. The 50% retracement is hit with a rejection candle with a big wick on the upside of the candle which means sellers where active after the bulls where pushing the price up!
The 100 EMA seems is also respected.
Potential entry:
It could be an entry after the wedge pattern is broken to the downside.
Potential targets:
Targets i would've looked to set into the next previous support. (The red line, scroll to the left to see the support)
Potential stoploss:
Stoploss i would've look to set 1 ATR (240 chart) above the high of this potential retracement. This because than i put my SL above all these levels i used for my intial analysis.
First REMEMBER: These predictions are just for the fun. And are not actually trade's i look to take. It is for building my discretion into the markets and note things to keep improving my trading. ENJOY! :)
Daily:
The daily price is very bearish and putting in some desceleration candle's. This usually means the bulls are getting out of their positions which means selling pressure. The price is near the descending trendline which is pretty respected during the previous outside returns. This is also a nice indication. The price also touched the 50% retracement. The 50% retracement is not a fibonacci number but it is very respected in the markets.
The 20 EMA Is also touched with an Doji signal.
240:
The price is creating a nice wedge pattern. The 50% retracement is hit with a rejection candle with a big wick on the upside of the candle which means sellers where active after the bulls where pushing the price up!
The 100 EMA seems is also respected.
Potential entry:
It could be an entry after the wedge pattern is broken to the downside.
Potential targets:
Targets i would've looked to set into the next previous support. (The red line, scroll to the left to see the support)
Potential stoploss:
Stoploss i would've look to set 1 ATR (240 chart) above the high of this potential retracement. This because than i put my SL above all these levels i used for my intial analysis.
We saw that the previous support was hold for a bigger confirmation traders could've wait for the next previous support to be broken.
Noted down! on to the next prediction :)