Entry - 1.1755
Target - 1.16555 (120 pips)
Stop Loss - 1.18505 (75 pips)
This is a trend continuation idea for EURUSD. While some USD Pairs (AUD, CHF, JPY) appear to be at an inflexion point for a potential correction, in my opinion the Euro should continue this bearish cycle. I define a downtrend on a four-hour chart when the price is under the Ichimoku cloud, the 200MA (blue line) is above the cloud, and where price action reacts reliably off of the Ichimoku conversion line and 30EMA (both lines green). The light blue lines are support and resistance levels drawn on weekly and monthly charts.
I may cancel this early or revise my stop loss, depending on price action over next few days. I will make any correction to my idea as needed. The stop loss is located above the 30EMA and area of previous support (now potentially resistance).
Thank you for looking!
-Zedro
Target - 1.16555 (120 pips)
Stop Loss - 1.18505 (75 pips)
This is a trend continuation idea for EURUSD. While some USD Pairs (AUD, CHF, JPY) appear to be at an inflexion point for a potential correction, in my opinion the Euro should continue this bearish cycle. I define a downtrend on a four-hour chart when the price is under the Ichimoku cloud, the 200MA (blue line) is above the cloud, and where price action reacts reliably off of the Ichimoku conversion line and 30EMA (both lines green). The light blue lines are support and resistance levels drawn on weekly and monthly charts.
I may cancel this early or revise my stop loss, depending on price action over next few days. I will make any correction to my idea as needed. The stop loss is located above the 30EMA and area of previous support (now potentially resistance).
Thank you for looking!
-Zedro
Comment:
Well, that was a close call. I've revised my stop loss to 1.18325 to just above the level that price action had recently been rejected off of. If that level is breached on a retry, then this could be in for a longer term correction.
Comment:
Revised my TP to 1.16800 based on the location of the weekly Ichimoku Cloud. Personally, I'm going to take off 75% of my position at this level if it gets to that that point and leave the rest open for potential continuation down to my original TP.
Trade closed: target reached:
Nice! Taking 75% profits off of my revised TP level of 1.168. Maintaining 25% until 1.16555, but moving my SL to breakeven at 1.17550.
Trade closed: target reached:
Forgot to mention that take profit was reached on the remainder of my position. Good trade!