JICPT|EURUSD approaching key weekly zone, likely to rebound!
Hello, forex traders. EURUSD has dropped by more than 500 pips in the past month. Some people may have bearish view. However, I'm looking for the possible reversal setup opportunities on 4H.
On the weekly, price just touched the drop-base-rally zone (the pivot). Weekly is a sideway(high timeframe is sideway).
On the daily, it's definitely downtrend(Mid timeframe is downtrend). So, the weekly and daily is not aligned with each other. We have to wait for signals.
On the 4H, I drew a downtrend channel for reference(small/action timeframe is downtrend too).
So, there are two possible scenarios:
1. Sellers take control. Price continues going down with no reversal shown up on the 4H as well as daily. Key weekly zone gets violated. So, we should look for short opportunities on 4H or 1H. Weekly turns into downtrend. All three timeframes perfectly align with each other.
2. Buyers take control. Price goes sideways and even rallies on 4H with downtrend terminated on the daily timeframe. The sideway of weekly zone is respected in the end. The big picture prevails. So, we should look for reversal and pullback/retest setups on 4H.
That's my trade plan. I prefer to the second one. Though, my view doesn't matter at all. I will follow up my plan no matter which direction it might go!
Give me a like if you're with me!
On the weekly, price just touched the drop-base-rally zone (the pivot). Weekly is a sideway(high timeframe is sideway).
On the daily, it's definitely downtrend(Mid timeframe is downtrend). So, the weekly and daily is not aligned with each other. We have to wait for signals.
On the 4H, I drew a downtrend channel for reference(small/action timeframe is downtrend too).
So, there are two possible scenarios:
1. Sellers take control. Price continues going down with no reversal shown up on the 4H as well as daily. Key weekly zone gets violated. So, we should look for short opportunities on 4H or 1H. Weekly turns into downtrend. All three timeframes perfectly align with each other.
2. Buyers take control. Price goes sideways and even rallies on 4H with downtrend terminated on the daily timeframe. The sideway of weekly zone is respected in the end. The big picture prevails. So, we should look for reversal and pullback/retest setups on 4H.
That's my trade plan. I prefer to the second one. Though, my view doesn't matter at all. I will follow up my plan no matter which direction it might go!
Give me a like if you're with me!
Comment:
OMG. The rest happened earlier today when I had business meetings.
plan your trade and trade your plan
