njdfj

EURUSD possible short term bottom

Long
FX:EURUSD   Euro / U.S. Dollar
195 views
7
I guess it is possible EURUSD has bottomed in the short term with an ending diagonal as 5th wave.

My trading plan is to long at this level, stop loss at 1.0510, where wave ((5)) of the ending diagonal will be longer than wave ((3)), and invalidate this ending diagonal count.

Upside target is 1.0850 (previous 4th wave)
then 1.092 ( 38.2% retracement )
then 1.103 ( 50% retracement )

Combined with my other bearish USD ideas, I'm pretty confident for this trade and I have entered long already.
Trade active: already entered long at 1.0590, stop placed at 1.0510, 80 pips risk.
Comment: BTW, this trade idea came from manijeh and anil, kudos to them.


Comment: Its good to tighten stop to 1.0550, or BE to your entry level while price has bounced back above 1.06.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out