Hello traders.
Here i am looking at the EURUSD and we have been down trending for sometime now. We have rejected the 1.15500 and created a W formation at that price level. We have now broken above the 200 MA and we are sitting at the 1.16 price where we are creating a pattern to go long. The 1.16 price Is a High Volume area where we could see a big push away from this area. If we break long there is plenty of thin volume for us to quickly move through to the next order area. This could just be a correction up to the 1.17500 price where we can see a High Volume area also happens to be the 50%/61.8% Fib area.
If we do not break long straight away I am looking for a fake move low back to the 1.15500 price and if the price holds then we have failed to make a lower low, and that will give me a good entry to go long.
We also have the DXY which is negatively correlated with the EURUSD and we are seeing that the dollar is matching up with my analysis on the EURUSD.
This is a swing trade, and ill be looking to take this long until i see a solid reversal back short, But my next target price is the 1.17500.
Safe trading!
Here i am looking at the EURUSD and we have been down trending for sometime now. We have rejected the 1.15500 and created a W formation at that price level. We have now broken above the 200 MA and we are sitting at the 1.16 price where we are creating a pattern to go long. The 1.16 price Is a High Volume area where we could see a big push away from this area. If we break long there is plenty of thin volume for us to quickly move through to the next order area. This could just be a correction up to the 1.17500 price where we can see a High Volume area also happens to be the 50%/61.8% Fib area.
If we do not break long straight away I am looking for a fake move low back to the 1.15500 price and if the price holds then we have failed to make a lower low, and that will give me a good entry to go long.
We also have the DXY which is negatively correlated with the EURUSD and we are seeing that the dollar is matching up with my analysis on the EURUSD.
This is a swing trade, and ill be looking to take this long until i see a solid reversal back short, But my next target price is the 1.17500.
Safe trading!
Comment:
Now we have pushed to the low side for a fake move I am now waiting for some sort of indication to come into play and then look to go long
Comment:
The fake move has happened and we have seen a nice are of rejection - i have entered at this price. we can wait all day for some other indication to tell us but trading is essentially all price and the 1.1550 price has held so far - i have but my stop loss just below the 1.1550
Comment:
Now in at a good price I am looking to take it to the 1.1750 price
Comment:
Now we have broke back above the 1.16 price with some force, this is now extremely positive that we will go long . if we hold above this price this could be another entry if you are looking to get in.
Comment:
Currently in 32 pips profit, we have pushed away from the the 1.16 price now and we are looking extremely bullish - i will only take this trade out now when i see a 4hr/1hr reversal
Comment:
I am now currently in 70 pips profit - as predicted we moved quickly through the thin volume area. now i would liken to see a correction to keep the trend healthy
Comment:
Closed out this trade yesterday at 88 pips, we was about to correct so am now waiting for an entry for the next leg long.