Last week, I had published a buy prediction that hadn't panned out due to too tight of a SL. I'm still considering EURUSD a great long opportunity due to the 4H RSI divergence, MACD crossover, and 0.618 fib support. This descending channel has held up pretty well over the past few days, but a breakout of that would strongly favor my position. Personally, I see a falling wedge/channel formation after a fall as a sign of seller's exhaustion.
Position open at 1.06526. TP1 at 0.383 fib (1.07430). TP 2 at 0.618 fib (1.08040). **The bottom of the purple fib line is slightly misplaced, but I'll stick with those targets. I'm going to monitor my position after TP1 if it's hit, to determine whether I'd like to remain in a long position. I'm monitoring my SL. Use your discretion, but the bottom of the descending channel (black), the bottom of the ascending lower trendline (blue), and below the 0.786 fib level (red) are some ideas. I'm slightly worried that the lower, blue trendline will act as a magnet for support.
200 EMA (orange) is right above this descending channel, so it's something be aware of. Depending on how price reacts around that level, I may tp early. I'll update this idea when necessary.
Thank you for your views. I welcome your opinions!
Position open at 1.06526. TP1 at 0.383 fib (1.07430). TP 2 at 0.618 fib (1.08040). **The bottom of the purple fib line is slightly misplaced, but I'll stick with those targets. I'm going to monitor my position after TP1 if it's hit, to determine whether I'd like to remain in a long position. I'm monitoring my SL. Use your discretion, but the bottom of the descending channel (black), the bottom of the ascending lower trendline (blue), and below the 0.786 fib level (red) are some ideas. I'm slightly worried that the lower, blue trendline will act as a magnet for support.
200 EMA (orange) is right above this descending channel, so it's something be aware of. Depending on how price reacts around that level, I may tp early. I'll update this idea when necessary.
Thank you for your views. I welcome your opinions!
Comment:
The chart above provides some additional thoughts on where the price is headed from here. Truth be told, I'm fairly comfortable with my long (in the long run) and will hold this position for quite a while unless my stop is hit.
This is a small position, so I'll be looking for opportunities in other pairs in the meantime.
This is a small position, so I'll be looking for opportunities in other pairs in the meantime.
Trade closed manually:
Donald Trump moved the price to breakeven. I'll take the irrational move and close my position. I think I can reopen my long at a better price.
s3.amazonaws.com/tra...shots/p/p6EMv0td.png