EURUSD has broke market structure after an extended run, I'm looking for a reversal based trade here today at the specified entry point on the M5 chart.
Looking to target the two Daily Bearish orderblocks sat above.
Potential reversal downwards off the first bearish block is possible, that'll yield a RR of 1:5.
If it breaks that area, then I'm looking to take it up to the 2nd TP which coincides with another daily bearish orderblock.
The probability of reversal short from that area is extremely high.
Trade active
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Entering as a pending order with the same stop loss.
Pending order @ 1.17240
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Pending order triggered nicely. Deep in profits.
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Stop moved to breakeven. Extremely bizzare price action, DXY is behaviour is quite odd today.
If we get stopped out @ breakeven, we can re-evaluate the market in the morning and look for a re-entry.
Trade active
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Stopped out at breakeven, but managed to get a secondary order in as a pending with the same stop loss and take profit.
Trade closed: target reached
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TP Hit!
1:4.5 ish
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There's a possibility that price may go to TP 2 before the continuation down.
Let's see what happens today, let the dust settle from NFP, then look closer the following week.
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Price will almost certainly come to our TP 2! From there, I'll be posting an idea for a continuation short trade in line with the higher-timeframe bias.
the trend is your friend, especially with such a volatile pair
Jiraiya_eth
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@NasBaz, Unfortunately, it is not. The institutional orderflow is your friend. Macro perspective is your friend. Micro-technicals is your friend.
NasBaz
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@AmplaFX, macros r saying completely diffrent. the euro will continue to fall to 1.16000-1.165000, todays retracement only came due to dollar weakness. Your 1st tp is realistics, 2nd is not for now
Jiraiya_eth
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@NasBaz, I can agree with that statement. Macro-economic does indeed indicate that EURUSD is bearish till that point. However, the market moves within cycles, a healthy correction to the upside was imminent.
EU can reject off TP 1 or TP 2. TP 2 would be ideal as there's an inefficiency there. Should price not reach into that area in the coming days, it'll present as a very nice area to take profit for longs in future.
Thanks for interacting and also your insight :) It's nice talking to someone who knows what they're talking about!