SeanHutcheson

EURUSD speculation - 28/05/2018

Short
FX:EURUSD   Euro / U.S. Dollar
Top down analysis of EURUSD - please comment any feedback or ideas!

Case 1:
Daily support is broken and retested - short sell with stop loss above daily resistance and take profit at neckline. Close the trade and take profits at the rebound of the neckline or keep trade open if the neckline is broke - have an open take profit should this be the case.
Case 2:
Rebound off of daily resistance - short sell with stop loss above daily resistance and take profit at neckline. Close the trade and take profits at the rebound of the neckline or keep trade open if the neckline is broke - have an open take profit should this be the case.
Case 3:
Price hits the neckline and rebounds - buy/long trade here with stop loss below the neckline and take profits halfway up the right hand shoulder (close half and move stop loss to entry or even better in profit). Final take profit just before the top of the right shoulder.
Case 4:
Price hits the top of the right hand shoulder - should this become the case, look for a rebound from this resistance level , place stop loss above the weekly resistance with take profits 1 and 2 before the neckline (take maybe a third at take profit 1 and a if there is a rebound at take profit 2, close the trade. If the neckline is broken, essentially have an open take profit.
*In all trades look closely at candles to determine price action before entry*
Comment: Short term sell may be ready, would recommend using a higher stop loss though.
Comment: Entry point was hit! This is 58 pips in profit.
Comment: 112 pips in profit! Consider closing if the neckline is rebounded (using close candle analysis) if its not hold.
Comment: 328 pips in profit!! and neckline broken - keep an eye on this.
Comment: Rebound from neckline taking place, took profit 1 at 328 pips.
Comment: and bought small amount at neckline
Comment: This is 29 pips in profit - totalling 357 pips on this pair.
Comment: This is now 157 pips in profit totalling 485 profit in this!

Comments

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