Currently, on the 1D the EURUSD is in a Triangle pattern with the price going up and down through the middle at this stage, but on the 1H timeframe, there is a very nice breakout and retest on a key level in the middle where the price is currently. This means it's a nice possible LONG position. I'm just currently waiting for the price to completely bounce off the key level to go into a LONG trade. However, you will notice the price is currently in a bearish movement on it's way to the 200EMA on the 1H. So there are 2 possibilities here:
No 1) If it bounces off the key level where the price is currently and the RSI moves above 50, the LONG would be from that key level and up.
No 2) If the price breaks through the key level where the price is currently and the RSI moves further below 50, it might possibly bounce off the 200EMA there at the bottom(I have to keep a close eye on this).
Time will tell so I'll be patiently waiting for my entry, trade safe!
No 1) If it bounces off the key level where the price is currently and the RSI moves above 50, the LONG would be from that key level and up.
No 2) If the price breaks through the key level where the price is currently and the RSI moves further below 50, it might possibly bounce off the 200EMA there at the bottom(I have to keep a close eye on this).
Time will tell so I'll be patiently waiting for my entry, trade safe!
Comment:
Candlestick reversal pattern confirmed, price bounced nicely off the key level and the RSI is now above 50. It also formed a nice Bullish pin bar on the key level. Starting my trade for the LONG(Call) position now.
Comment:
This one hit my SL pretty hard. Will try again another day :) Never give up hope and analyze hard.