Here is what I am seeing on EURUSD. While price could very well turn around me and reverse past it's short term highs it appears that there is a lot absorption of higher prices (lower lows) during this consolidation period which gives me confidence in my position and allows for a nice risk to reward. Furthermore, the exchange quote for the Euro Dollar has become quite extended on the back of stimulus news every other week, now that Stimulus and US elections are settled higher prices will likely continue to be sold with ease. My first target is a 1.8/1 second target is 3.85/1 and my swing target is 7.66/1
Trade active:
Target 1 was approached as wrote up my thesis as shown above :). It just hit I expect this is either the beginning of a larger selloff or a maybe to see a pullback to my entry after the impulse sell
Trade active:
Target 2 hit. Going to let a partial run to the swing target. Could see some consolidation between target 1 and 2 before any further drop in price
Trade closed: target reached:
This one played out better than expected, hitting all three of my targets in 2 days
