Even as daily and 4h chart are in a clear a downtrend, the current volatility and the great Risk-Reward-Numbers make this set-up really attractive for me to scale in here:
- On 4h chart I use RSI(4,close), which gives good signals for overbought, oversold conditions and right now EURUSD is very oversold
- area between 1.2240-1.2250 is a major support area, which is another point I like
- BUT, BUT, BUT... the main trend is clear down, so this setup is really agains all (normal) odds and is playing only on great reat risk-reward numbers, the current volatility with shart reversals and RSI(4,close)
- if stoped out, maybe a good idea to get long on a false break-out pinbar on 1h chart, so probably something like that: long@1.2250 and SL at 10pips below recent low with ProfitTarget still at 1.2390
1. half postion at 1.2270, SL@1.2230 (-40), PT@1.2390(+120), R:R=3.0 (as written below, opened first half position at 1.2280 -> R:R=2.2)
2. half postion at 1.2250, SL@1.2230 (-20), PT@1.2390(+140), R:R=7.0
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Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
- On 4h chart I use RSI(4,close), which gives good signals for overbought, oversold conditions and right now EURUSD is very oversold
- area between 1.2240-1.2250 is a major support area, which is another point I like
- BUT, BUT, BUT... the main trend is clear down, so this setup is really agains all (normal) odds and is playing only on great reat risk-reward numbers, the current volatility with shart reversals and RSI(4,close)
- if stoped out, maybe a good idea to get long on a false break-out pinbar on 1h chart, so probably something like that: long@1.2250 and SL at 10pips below recent low with ProfitTarget still at 1.2390
1. half postion at 1.2270, SL@1.2230 (-40), PT@1.2390(+120), R:R=3.0 (as written below, opened first half position at 1.2280 -> R:R=2.2)
2. half postion at 1.2250, SL@1.2230 (-20), PT@1.2390(+140), R:R=7.0
_________________________________________________________________________________________
Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.