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joeyvalentino
Dec 13, 2020 6:19 AM

Intraday Definitely LONG Euro Long

Euro Fx/U.S. DollarFXCM

Description

BIG PICTURE:
Euro is clearly bullish. DXY is completely bearish.
Higher Time Frames suggest a strong bullish move.

INTRADAY FUNDAMENTALS:
Looking to get in at market open. There is support a 1.21 level. price discovery shows price is holding above this level. VWAP supports current trend on all time frames. Price is holding 50 EMA. At worst we are at best price in aggressive indecision area.

TECHNICAL ANALYSIS:
stop loss is below 1.21 area enough for any wicks to paint. if this level doesnt hold i would be willing to risk one more tier 1 at recent lows before going long at 1.20. Confluence with 1.21 Level, 61.8% fib, Minor trendline resistance and support for flag correction.

HTF/ TA:
VWAP and Market Structure show signs of bullish control towards the upside on higher time frames. both correlations support said view and there is momentum and volume acrosse all time frames.

RISK MANAGEMENT:
3 tier .4%
tier1: .13%
tier2: .26%
tier3: .39%

scale into pullbacks and level support by tier.
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