A short-term trade on EURUSD is about to be triggered: bearish Butterfly pattern should complete around 1.0742 value and give a place to a correction after a good bullish impulse. Notice also a potential bearish divergence on 4H timeframe.
Will open a short position at 1.0742, SL: 1.0822 TP1: 1.0588 TP2: 1.0497
Trade active
⋅
Short position opened
Comment
⋅
Went a little bit higher than expected as one more Butterfly pattern is forming. Will add shorts at 1.08
Comment
⋅
Short position now profitable. Moved it to breakeven and will add more if we end up retracing to 1.0715 - 1.0720 tomorrow
Comment
⋅
Getting back to 1.08. Still looking for shorts
Comment
⋅
Closed some shorts. I would like to see more down
Trade closed: target reached
⋅
Sorry for not updating this. Closed at 1.0529 on TP order
@apemaja57, I will buy too, but a little bit lower =)
Trader_Dale
⋅
Based mostly on Market Profile and Price Action (daily charts) the strongest levels for short swings are 1.0710 and 1.0765. Heavy volumes were traded between those levels (accumulation) followed by strong rejection of higher prices resulting into renewed sell-off. I think that the sellers will be active there again.
Only thing to watch out for is ECB meeting on Thursday. Basically anything can happen there and I won't be trading during this event.
You can see my analysis here:
captain_smollett
⋅
@Trader_Dale, thank you for sharing your analysis with us, Sir!
menyuken
⋅
Just share my chart, good resistance structure, FIBO ext and FIBO projection of previous corrective wave are all around the completion point. However, my entry is little bit different with yours ;)
menyuken
⋅
Yup, this one is also on my radar ;)
captain_smollett
⋅
@menyuken, and this should also mean a correction on gold =)