Hi there,
There are a few reasons why I am long on EUR/USD.
1) Fib -27 hit
2) Bullish Divergence
3) Retest of market structure
1) If we look at the leg we can see that fib -27 got hit, not exactly, but the move is made and because 1.07 is an important key level this move looks done.
2) We are having bullish divergence on the 4H+1D chart:
4H:
1D:
3) As we can see on the published chart we did a retest of the previous lows that we broke earlier today.
Entry: 1.08095
SL: 1.06900
TP: 1.11800
I know I'm a little late with publishing this idea since I already got into the trade but I hope sharing this idea might give a good view of where I think the market will be heading.
Feel free to drop a comment and share your opinion about this idea, I'd love to hear from you!
Cheers!
There are a few reasons why I am long on EUR/USD.
1) Fib -27 hit
2) Bullish Divergence
3) Retest of market structure
1) If we look at the leg we can see that fib -27 got hit, not exactly, but the move is made and because 1.07 is an important key level this move looks done.
2) We are having bullish divergence on the 4H+1D chart:
4H:
3) As we can see on the published chart we did a retest of the previous lows that we broke earlier today.
Entry: 1.08095
SL: 1.06900
TP: 1.11800
I know I'm a little late with publishing this idea since I already got into the trade but I hope sharing this idea might give a good view of where I think the market will be heading.
Feel free to drop a comment and share your opinion about this idea, I'd love to hear from you!
Cheers!
Trade active:
Hi friends, another update on this one if you are still in the trade. I closed my positions before the weekend because I don't like to hold them over the weekend.
Right now there is a Head & Shoulders pattern forming on the 4H chart, so if you are still in this trade be very careful. We are still in an important area because we are holding a supply/demand area right here. So depending on the close of the next candle we will have some more information about what direction the EUR/USD will be heading. This is my plan for the next moves on this pair, hope it helps you a little.
Happy trading!
Right now there is a Head & Shoulders pattern forming on the 4H chart, so if you are still in this trade be very careful. We are still in an important area because we are holding a supply/demand area right here. So depending on the close of the next candle we will have some more information about what direction the EUR/USD will be heading. This is my plan for the next moves on this pair, hope it helps you a little.
Happy trading!
Also important to note is that the MACD has cut the 0 line and is going for long now. This should give some extra strength but be aware of possible pullbacks. If you want to scale in I would say it's best to do that between the yellow box.
Happy trading!