Dear Traders,
I would like to share my (probably wrong) thoughts about EURUSD with you. EURUSD was in an uptrend on the 1D chart. The trend structures were finally broken in my view after a long period with divergence: support, TL, VWAP, 1D RSI, MAs. Therefore, I am now looking for good entry points for a short trade. I expect a pullback to re-test the TL, support and 50 1D RSI. I will not enter a long trade during the pullback, because in my view there has been a shift in momentum and I consider the probability unfavorable to trade against this momentum. I rate the probability better to trade the first 1D pullback of the presumed new downtrend. I will set my SL at 2x4H-ATR, which is about 0.50%. My target will be at support and around 200 1D-EMA. I will trail my SL.
I am looking forward to your opinion and discussion in the comments.
Important: The information presented here is only my personal opinion. They are in no way recommendations. In particular, they are not financial or investment advice. Trading is just a (mostly loss-making) hobby for me and not my profession. I have no experience and no professional training or studies in this field. I work in a completely different field. Trading is risky and dangerous. I am a loser and lose money. I do not care. Accordingly, I do not take any responsibility for any kind of possible damage resulting from using or not using this text. Partly I am drunk when I write articles.
I would like to share my (probably wrong) thoughts about EURUSD with you. EURUSD was in an uptrend on the 1D chart. The trend structures were finally broken in my view after a long period with divergence: support, TL, VWAP, 1D RSI, MAs. Therefore, I am now looking for good entry points for a short trade. I expect a pullback to re-test the TL, support and 50 1D RSI. I will not enter a long trade during the pullback, because in my view there has been a shift in momentum and I consider the probability unfavorable to trade against this momentum. I rate the probability better to trade the first 1D pullback of the presumed new downtrend. I will set my SL at 2x4H-ATR, which is about 0.50%. My target will be at support and around 200 1D-EMA. I will trail my SL.
I am looking forward to your opinion and discussion in the comments.
Important: The information presented here is only my personal opinion. They are in no way recommendations. In particular, they are not financial or investment advice. Trading is just a (mostly loss-making) hobby for me and not my profession. I have no experience and no professional training or studies in this field. I work in a completely different field. Trading is risky and dangerous. I am a loser and lose money. I do not care. Accordingly, I do not take any responsibility for any kind of possible damage resulting from using or not using this text. Partly I am drunk when I write articles.
Comment:
Trade pending. I watch the market and wait for my conditions for a trade to be met. If the market moves in a different direction outside my expectations, I will rethink my strategy.
Trade closed: target reached:
Trade closed. Target (1DEMA200) reached. Entry was at TL.