shah-n
Short

EUR/USD - SHORTING OPPORTUNITY

OANDA:EURUSD   Euro / U.S. Dollar
Hey Traders,

On the EUR/USD 4HR time frame we have a lower low lower close, since then price action rallied into resistance which was once support providing us with a double top , first test RSI was extremely overbought as I have my settings at 80/20, conventional is at 70/30. On the second test, we have bearish divergence.

We can get involved in two ways:

1. Aggressive - Short now with stops above double top and take profit at structure lows.

2. Conservative - Use the 2618 strategy, wait for a break and close below the V of the double top , then enter at the 61.8 fib level again stops above the double top and take profits at structure levels ensuring minimum 1:1 R/R for target 1's.


Great idea, I have a different bullish view on EURUSD, let me know how you think

Reply
Good stuff Shah. Also keeping a close eye on this level to get involved on either side if I get my rules met.
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Nice, i was a fan of this level as well. Unfortunately got stopped out on an advanced pattern entry but good to see it still holding
+1 Reply
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