Art_of_Trading
Long

EURUSD: BUY ZONE

FX:EURUSD   Euro/U.S. Dollar
The price has been dropping for the last few days. The question is when the bulls step in and get their control back? The market moves sideways on 1D chart. Thus, we have no directional bias. There is a key area at 1.0957. The price respected that level few times and it is more likely it will do it again. It was resistance, but after the breakout became a support zone .
We know that big orders are placed at key zone and this is the area (red box), if buyers are going to step in this is their best chance. Moreover, there is a trendline , which acts as dynamic support.
You can aggressively put Buy order or wait the confirmation bar , reversal signals and then buy. It seems high probability trade to go long.
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Comment: Buy EUR
What is so interesting about your analysis, but will not be seen on the Daily, is that you framed a trade to be a buyer near support. The market did gap lower on Sunday ( Eastern ) and a 45+ long trade set up. It wasn't "pretty", but there was no significant draw down if you got out before the drop from the 1.0960 area. If you had taken a short after the gap open, most traders would have been stopped out...and the R:R numbers would have been terrible. I looks to me like you framed for the correct trade: buy near support with an acceptable stop, and that was the only strategy that would have worked at that price level without substantial draw down. Great Call.
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Great simple little set up:)
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hello,

what is you target im in from 1.10, thanks

Erik
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i need 20 pips more so that it can reach my TP of 50 pips sell ! BTW the trend is still STRONG to the downside . Normally i wait for a indecision candle , with some bullish divergence to go against a strong trend ........................
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are you already in ? :)
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not yet, my limit order 15 pips lower
+1 Reply
next target 1.1450 second target 1.6 before topping this baby out. would you agree?. (Short term target 1.1137 - next 1.1180)
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Yes, agree, but it is still subjective, how you manage your trades. Make sure you have risk/reward in balance.
+1 Reply
so you know the candle sticks would bounce off that red box and how? I don't see. I understand that you drew a support line and a trend line. I'm assuming that your using that trend line as a support and using the support line that your drew horizontal to use as a target zone? Sorry obviously I'm new and marking charts is something I obviously need to work on.
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Art_of_Trading airmaxxprince
I do not know any, there is no 100% sure in this business. You have to see the chart in the probability perspective. It is daily chart and when the support and trendline hit the same level and there is a price drop, sellers should lock their profits and buyers must step in. So you should analyze, where the best place can be to do that.
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