EURUSD possible Fibonacci trade

FX:EURUSD   Euro / U.S. Dollar
416 5 7
MACD is indicating another move up. So I am looking to go long with with a conservative trade or an aggressive trade. I will move my SL to break even rather quickly due to the extended range candle on the impulse. This could indicate a weaker support level .
Comment: Remember to educate yourself, create a trade plan, validate your ideas with other traders ideas. Be responsible for your own trades.
Comment: trade came very close to triggering but not quite. As it is Friday and the trade has not triggered I will remove trade and reassess next week. I feel it is better to miss a trade than have the potential for a gap down through your SL.
Trade active: I have taken the conservative trade and will also take the aggressive trade if it gets down that far. This is art of my trade plan.
Comment: Potential to add to the trade.
Comment: I have not entered aggressive trade yet as a bear flag presented itself directly above zone. I will be looking for a buy setup within the zone.
Comment: We have a 1 hr pinbar candle I will watch closely on the 15 and buy if we get a good set up
Comment: Still working its way up. I actually got stopped out by 3 pips. That's trading.
Trade closed: stop reached: Had I not stopped out by 3 pips earlier I would have taken the trade off before the Brexit vote. I believe it would have hit the target had there been no major disruption.

“Being older does not make you wiser, it just means you have had more time to make mistakes and you have less time to learn from them”
K. Hamilton Proudman
Why Up trend?
nahidik PRO NearDrowning
If you look at the MACD we had a small rise uo followed by the retracement (crossover down) the next crossover up shows a much greater height. We need to see divergence on the MACD which means there should be another crossover up which will be lesser than the second move up. That will give us the divergence we would look for indicating this upward trend is ending on this TF. On the 240 this move up would show as an A wave with the current retracement the B looking for a C to retest or exceed the A wave. Hope that helps.
+1 Reply
So divirgence is showing up trend?
nahidik PRO NearDrowning
At thhis point there is only internal divergence. Notice within the last green mountain price continued up while the MACD made a smaller hill. That is internal divergence which would show up as divergence on a LTF. Once we see that we are expecting a crossover which happened. On this time frame there is no divergence which indicates we should get another crossover up.
+1 Reply
Divirgence up is expected. I agree.
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