Kumowizard

EURUSD - Big picture still bullish, but pull back is likely now

FX:EURUSD   Euro Fx/U.S. Dollar
533 5 2
4 Hrs gives us a swing signal. A Pull back is very likely now. How deep? 1,3845-50 as minimum, but maybe even to 1,3800-1,3815 area, where we have the Kijun Sen now on both time frames. Don't forget that the main trend on higher daily time frame is still up. We need to check chart components again at 1,3815 if we get there. For now I'd say at least take partial profit on longs.

If you are a swing trader, you can enter some short (0,5 trading unit according to your position sizing scheme), with stop at 1,3905, tgt             1,3810.
not so sure, i think that enough pull back for more to jump on the bull wagon, target 1.398
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Kumowizard PRO aslamusman
Maybe. But the angle of the trend is a bit too steep, the way up was very straight, and ADX + Slow Stoch suggests it can come a bit lower. The next Stoch bullish cross on 4 Hrs can push a new buy wave, regardless from which level exactly it happens. And I agree with you, as wrote above, the daily trend is up. But 20 pips pullback after this move is just not good enough to add to longs. An upturn from 3840-50 would be better risk reward to long.
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My trailing stop is at about 40 pips back right now. I'm thinking a slow down or even a mild retracement, but I would guess most of the move will be on Monday; not today. For today I think there are a few more pips to be had on the upmove.
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easygojoe easygojoe
But, In case I'm wrong, I just tightened up the TS to 30. LOL
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Well done. I think your approach is good. This is the way you have to think about risks and possibilities. Always have a plan for the different outcomes in advance, and trade according to the plan. No second guessing, no change in stops against you, just only in your favour, no manual trade close. You either reach your tgt or you get out on the trailing stop. Thx for the comment. Good luck!
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