JLJ002500
Short

EURUSD - Pullback or correction? High Risk Short Entry.

FX:EURUSD   Euro / U.S. Dollar
79 0 4
This is a high risk trade. EURUSD             is trending up and has had a small pull back. Last peak was LH. I don't like this as a long entry point. Instead I'm trading a minor correction before continuation. If trades goes my direction, I'll reduce SL and lock in profits. Ultimately, I expect a long entry opportunity before long.

1D:
snapshot
For meaningful correction to occur (versus only a pullback), price needs to break 1.1269 support. Potential Cypher , however I would not trade expecting correction to "D".

1W (Wide):
snapshot

1W:
snapshot
As long as ~1.09 support holds during next pull back, I expect continue move up. I expect next move to test upper consolidation zone (1.140 - 1.163).

1M:
snapshot
Currently in bullish price action.
Trade active:
snapshot


Trade is currently going well and there is good bearish price action at the moment. I adjusted SL and all risk is off the table. (see chart).

Currently TP is still @ 1.12105, however that could change.
1. IF momentum seems questionable, I potentially may take profits closer to TP1 on chart.
2. IF bearish price action is strong, I may move closer to TP2. I will actually be looking at today's completed candle on D1 to be a strong bear candle to trigger that move.
Trade active:
snapshot


Closed 1/2 of position. Price moved back up to weak resistance, but currently resistance is holding. I set new SL for remaining position ~5 pips above resistance.

Price action has definitely changed, however it could still take another move down. I am really more focused on if/when to enter long and just hanging on to this 1/2 position with very tight SL while I make that determination.
Trade closed manually: Completely out of trade.

KEEPING SCORE: WIN
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