I am a newbie trader and still learning so would like any feedback on this analysis (positive or negative).
Trading EUR/USD on a 4 hour chart.
I intend to place a long order for the following reasons
1. The oscillator is below 20 so the pair is oversold
2. The is hovering around the 30 mark so in an area where it shows that the pair is oversold
3. I have identified a pattern. The retracement and extension of each point are not spot on but are around the areas that I believe they should be
4. I was aiming for the price to get up to point C where I would intend to take profits. This is around the 0.618 on the levels
5. I was intending to put a stop loss @ 1.06654
What are your thoughts?