Hey guys, here on EURUSD price is testing an important daily structure that could push it higher before continuing in the downward direction. This is a counter trend trade so be aware of it. Nonetheless, i can see some buying pressure at this level, thanks to the pinbar followed by a big engulfing. The pinbar represents the pressure that arises at the touch of a certain level, and when it is followed by an engulfing it means that in addition to that we have bulls trying to take control. That, linked with RSI and structure could help us traders deciding when to enter the market. Stops would go below the pin, target1 at roughly 1:1, target2 to be determined!
If you want to ask questions, feel free to comment below. Otherwise, see you in the next chart!
Trade active
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Trade closed: target reached
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First target hit! Stops moved to breakeven.
Comment
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Second target placed at 1,0995, but i can close manually the position soon. Stay tuned.
Good analysis Roker1, going in the right direction from that pullback to structure. Nice entry. Will you take it all off the table at target 1 or keep a piece in play, if it punches though?
Roker1
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@Jkmartin, i'm planning to take off two third of my position there, and then manage my second position aggressively.