EURUSD has just reversed off its long term low, and I anticipate a retracement to at least the 382 in the first instance.
As per alicoolzero's idea, its possible this could go to a longer term long position but I am just targeting the 382 initially given the medium term down trend.
Targeting just below the 382 and SL below the previous reversal long term low for a R:R of 1.26.
The long term low is also S1 so the reversal candle gives a good indiciation of an upward trend for the next period. RSI is also oversold.
As per alicoolzero's idea, its possible this could go to a longer term long position but I am just targeting the 382 initially given the medium term down trend.
Targeting just below the 382 and SL below the previous reversal long term low for a R:R of 1.26.
The long term low is also S1 so the reversal candle gives a good indiciation of an upward trend for the next period. RSI is also oversold.
Comment:
Seeing bullish divergence on the RSI so still expecting this to hit the 382. Comfortable with the TP level at present.
Comment:
A few other ideas about a short on this pair. medium term I agree but I dont think the retracement has completed yet so wouldnt be entering a short.
Reasons:
M30 seeing a rejection of EMA50 as support so expect some bounce back off here.
RSI is still bullish (just).
Move towards 382 fib would see a double top. This would be a clear sign of a short position.
Happy to continue targeting the 382 for the moment, now would be a good opportunity to get into a "scalping" long position towards this level in my opinion.
Reasons:
M30 seeing a rejection of EMA50 as support so expect some bounce back off here.
RSI is still bullish (just).
Move towards 382 fib would see a double top. This would be a clear sign of a short position.
Happy to continue targeting the 382 for the moment, now would be a good opportunity to get into a "scalping" long position towards this level in my opinion.
Trade closed: stop reached:
Unfortunately the TP was set just slightly high on this one, and due to other commitments I let this run to take the SL.
Right trade, wrong SL.
Right trade, wrong SL.