- Looking at the daily, price has been bouncing off the weekly support at 1.07748 and ranging within a 250pip area
- this range with slight downward pressure formed a triple bottom, inside the last bottom a smaller triple bottom was formed that helped push price up
- then going down to the 4 hour chart a bullish divergence seems to be forming but need to wait on a 2nd candle which would not be lower than this previous
4 hour candle. Once that is formed i will make an entry with an SL right below the previous higher-low-candle..No entry before divergence is confirmed.
- 1st target will be 1.10315, 2nd target will be 1.11349
- this range with slight downward pressure formed a triple bottom, inside the last bottom a smaller triple bottom was formed that helped push price up
- then going down to the 4 hour chart a bullish divergence seems to be forming but need to wait on a 2nd candle which would not be lower than this previous
4 hour candle. Once that is formed i will make an entry with an SL right below the previous higher-low-candle..No entry before divergence is confirmed.
- 1st target will be 1.10315, 2nd target will be 1.11349
Comment:
-Large triple bottom about to be invalid with price about to cross the 50.0 fib level..
- Patience is key..no bullish entry taken as yet as no signal has given a proper entry so far
- US Dollar Index is set to gain some strength, so if price on EurUsd crosses and closes below the 61.8 fib level i may enter a short position to target 70 pips to the bottom of this 250 pip wide range
- Patience is key..no bullish entry taken as yet as no signal has given a proper entry so far
- US Dollar Index is set to gain some strength, so if price on EurUsd crosses and closes below the 61.8 fib level i may enter a short position to target 70 pips to the bottom of this 250 pip wide range
Comment:
- price held at the 61.8 fib level as mentioned earlier. 2 small Buy positions opened at this level with tight SL
- Price continued in analysed direction . and currently at the neck of the pattern
- 1 buy position closed in profits with the other position remaining open and SL moved up to 38.2 fib support level at 1.09023
- Price continued in analysed direction . and currently at the neck of the pattern
- 1 buy position closed in profits with the other position remaining open and SL moved up to 38.2 fib support level at 1.09023
Comment:
- Goal reached - Price Hit target which was also the breakout from the neck
Comment:
- Will now wait on a retracement to the neckline before entering another buy position
Trade closed: target reached:
- Target reached. Trading now closed in profits as price approaching resistance
- will wait on another signal