EURUSD is currently on the 4 hour time frame testing a strong resistance. Its also showing that we are currently in the 5th Elliot Wave. When this wave is over a bearish reversal will start. A peak at the Dollar Index on the 4 hour and daily time frame shows us a beautiful bullish wedge. This information all combined gives enough ground for a bearish reversal on eurusd and sell this pair!
TP: 1.1270 SL: 1.1480
Trade active
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Comment
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Sell is still in play and todays setup it more perfect than yesterday. Yesterday it went up a bit more and actually touching the upper range. Today it came down from there.
Am I right in saying this is a long-term trade? thanks in advance!
JoshFX1
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@ScottCripps, yes, the daily time frame always takes 2-3 weeks to fully develop and reach the target. Personally I always use the 4 hour for my entry. when that aligns with the daily time frame i take the trade
ScottCripps
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@JoshFX1, Thanks for the reply Josh, makes more sense now. I'll be watching!