EUR/USD on 15-Minute Time Frame (Negative Correlation with DXY)
Given the negative correlation between EUR/USD and DXY, the recent bearish sentiment in DXY could indicate a potential bullish movement for EUR/USD.
Analysis:
On the 15-minute chart, EUR/USD has recently breached the Asian session low and experienced an upward movement. This suggests a potential bullish shift in momentum.
Trade Plan:
You're considering a long position, with the intention of entering once price re-enters the 15-minute demand zone/order block. This zone is viewed as a significant area of previous buying activity.
Rationale:
The decision to go long is supported by the recent rise from the Asian session low, indicating potential strength in the EUR. This, coupled with entering at a known demand zone, suggests a favorable setup for a long trade.
1 or 3-Minute Confirmation:
Before executing the trade, you plan to wait for confirmation on the 1 or 3-minute chart. This could be in the form of a bullish reversal pattern, a break of short-term resistance, or other technical signals that align with your buy bias.
Targets: Liquidity and High of Friday's New York Session:
Your targets for the trade are set at liquidity levels and the high of Friday's New York session. These areas represent potential resistance points where a reversal may occur.
Risk Management:
Implement a robust risk management strategy, ensuring that no more than a predetermined percentage of your total capital is at risk for this trade. This helps to limit potential losses and maintain discipline in trading.
Analysis:
On the 15-minute chart, EUR/USD has recently breached the Asian session low and experienced an upward movement. This suggests a potential bullish shift in momentum.
Trade Plan:
You're considering a long position, with the intention of entering once price re-enters the 15-minute demand zone/order block. This zone is viewed as a significant area of previous buying activity.
Rationale:
The decision to go long is supported by the recent rise from the Asian session low, indicating potential strength in the EUR. This, coupled with entering at a known demand zone, suggests a favorable setup for a long trade.
1 or 3-Minute Confirmation:
Before executing the trade, you plan to wait for confirmation on the 1 or 3-minute chart. This could be in the form of a bullish reversal pattern, a break of short-term resistance, or other technical signals that align with your buy bias.
Targets: Liquidity and High of Friday's New York Session:
Your targets for the trade are set at liquidity levels and the high of Friday's New York session. These areas represent potential resistance points where a reversal may occur.
Risk Management:
Implement a robust risk management strategy, ensuring that no more than a predetermined percentage of your total capital is at risk for this trade. This helps to limit potential losses and maintain discipline in trading.