SantanderCapital
Short

EUR/USD Deliberation Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
200 6 4
10 months ago
Chart: Daily Time Frame
Market: Ranging

Bearish Indicators
1. Deliberation pattern ( Bull candle bodies decrease in size each day)
2. Doji found below 1.14200
3. Hanging man candlestick below 1.14200
4. Price has previously bounced off 1.14200 & 1.14650
5. Chart displays a rising wedge-like pattern (evident by trendlines & blue circles)

Risk Management
Risk/Reward - 1:3.40
Stop Zone - 1.1510 (or just above 15th October 2015 high)
Target Zone - 1.08700 or evidence of reversal

Note: A rising wedge like this, tends to see price return to the base of the wedge .
10 months ago
Comment: 4 Hour Chart showing strong bullish indicators.
Trade closed at a small loss.
00Luis
10 months ago
Did you close? Can you explain me why? I'd appreciate it very much.
Reply
SantanderCapital 00Luis
10 months ago
4 hour chart shows bullish momentum. Low test candle + three inside up pattern rejecting 1.13400 + low test candle bouncing off the 50 EMA.
Based on this, it's a clear buy signal based on our strategy - This was caused the trade to be closed early at a small loss.
Hope that helps

snapshot
Reply
00Luis SantanderCapital
10 months ago
Excellent explanation. Thank you very much.
Reply
SantanderCapital 00Luis
10 months ago
No problem. Just to clarify, the analysis indicates a buy signal, however we're not in this trade.
Reply
waterman
10 months ago
Better be in sideline now FOMC minutes will triger a plunge in dollar
Reply
SantanderCapital waterman
10 months ago
Agreed. Best options is to wait for the next setup.
Reply
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