SantanderCapital
Short

EUR/USD Deliberation Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
200 6 4
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 .
Comment: 4 Hour Chart showing strong bullish indicators.
Trade closed at a small loss.
Better be in sideline now FOMC minutes will triger a plunge in dollar
Reply
Agreed. Best options is to wait for the next setup.
Reply
Did you close? Can you explain me why? I'd appreciate it very much.
Reply
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
Excellent explanation. Thank you very much.
Reply
No problem. Just to clarify, the analysis indicates a buy signal, however we're not in this trade.
Reply
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