EURUSD is struggling to go down and building the momentum for reversal.
Watch bottom for buy.
How you can trade on this chart.
1. There is price action which is building on lower time frame. Watch 15 minutes correction and look for breakout of that. you can buy breakout of that 15 minutes correction.
Or
2. Join the impulse.
In case price dont rise and test the previous low then look for buy from bottom.
Good Luck.
Comment
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This is interesting. I am curious, "Watch bottom for a buy" Which bottom? The tiny expanding flat? The 1.1430 prior low? The 1.1300 low? What type of correction on the lower time frame? I did not see one there, even forming ? All I saw was a quick pop up slightly higher not confirmed in any higher time frame and quickly rejected. Is the bottom referred to the 78.6 retrace from the 1.1300 low to the most recent swing high? Which bottom? What is the RR proposed on the entry and what is the invalidation? What if we break the most recent 1.1430 low and its a larger expanding flat correction and we reverse there shortly after breaking that? Where does the stop go? What impulse to join? The only ones I have seen recently are down? The last little push was rapidly extinguished near 1.1520 and gave price ation to sell? Finally what does this mean? " In case price dont rise and test the previous low then look for buy from bottom. " Which previous low and which bottom?
mlorenc
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@cciappa, this is interesting, because I understood everything about this idea, but I don't understand how can you have so many questions to it? The idea is that EURUSD is approaching bottom and we are watching it. The keywords here are "watch" and "look". We were watching price action on 15 minutes time frame and looking for breakout to buy on the breakout or join the impulse for the upside. It didn't happen and price went down instead, so we are waiting for price to reach previous low (short term sell possible here) and find a new bottom and we will be watching the price action for longer term buy from that bottom. Is it really so difficult?
bitofamacroman
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@mlorenc, Nope, not difficult, vague, with no specifics.
Wave-Trader
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@cciappa, did you see that, 1. There is price action which is building on lower time frame. Watch 15 minutes correction and look for breakout of that. you can buy breakout of that 15 minutes correction.
bitofamacroman
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@mlorenc, They are simple questions really, which bottom? what are you "WATCHING" for? (price action? a breakout of what? there was no 15min setup only maybe a small trendline) What is the specific entry trigger? what is the risk reward? what is the target exit? What is the invalidation?
Wave-Trader
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@cciappa, You have no clue my friend. what we were looking for.
Wave-Trader
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@cciappa,
Wave-Trader
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@cciappa, There was correction which we were looking for to breakup. Unfortunately you dont see that. We have seen that but we did not see breakout thats what we were looking for on lower time frame. By the way it has not change the bigger image the image we see. I dont know what you see on your chart.
bitofamacroman
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@Wave-Trader, I think I have a pretty good idea of what you were looking for, but there were no specifics, further, once this trend line was forming break above occurred, but all the MA's (yes lagging) began to FAN OUT, and and it was looking quite ugly. Since there were no specifics on Risk Management, or Stop Losses, or Targets, I simply asked about them. Thats all. And my chart looks similar. But my slightly longer term view was not confirming.
bitofamacroman
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@cciappa, That said, we are probably approaching a point where we can take a stab here, with a tight stop loss below the prior 1.1430 lows and look for the end of the X wave in anticipation of the Y up to the 1.1850-1.2050 area. That said, we may still be forming part of a larger flat correction, OR, Possibly the correction terminated already, and therefore, we should play with caution when taking a position AGAINST the dominant LT trend.