nch
Long

Going Up while hitting 50% ret and major supply level

FX:EURUSD   Euro Fx/U.S. Dollar
111 3 2
Here is the idea
1. The price hit supply area. On 1H chart the volumes are higher too
2. The price hit 50% - 61.8% retracement level. It jumped quite nicely on 50% exactly on 5 min chart
3. The trend is up and right now the price hit the support line
4. Divergence from Stoch
5. Stoch is in oversold area (I don't rely much on this signal)

TP: demand levels.
TP1 - support becomes resistance
TP2 - no supply bar (02/19) - volume is lower than previous 2 bars and the bar is up
TP3 - again strong demand level

The time will show am I right
99nines
a year ago
The SL on this chart will be hit.. need to be below 1.08300 to have a chance
Reply
nch
a year ago
Probably you are right, I would even say it should be below 1.079 (below the previous swing).
Reply
nch
a year ago
@99nines you were right about the SL, but if it was under the previous swing it would be better.
Reply
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