Following the USD strength heading into last Friday and the pull back - I am expecting USD to potentially stay strong for the next day or two until the FOMC on Wednesday and the USD to weaken considerably. (after some stop hunting.)
I am looking to go long at this level - which is a 61.8% retrace of the current leg higher.
EURUSD is cycling higher nicely
Sadly I moved my stops too high on the related trade below and it took me out before heading higher. - Always important to trade multiple pairs and types and I was long on Gold through last week which made up for it.
I am expecting this to go higher for another leg - however it could be a messy start whilst it happens.
I have put my stop loss below the 78.6% retrace area - however potentially this could drop all the way to the lows and create a double bottom before heading higher again.
I am waiting for price action in this area - bullish engulfing candles on this occasion and once I get one, I will be in.
Thanks for looking at my trade idea.
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Trade active
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Trade live - entered at 1.1210 once double bottom was formed this morning
Comment
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took a second entry at 1.1232
Trade active
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Hello Al,I have opened 3 more positions all at 1.1200 ( 5 in total)
Stops are at various positions below 1.1170 area
If the FED does what I expect, after some see-sawing - I expect EUR to fly higher.
Targets are staggered up to 1.1440 area which is a Fibonacci extension of the original 61.8% retrace to the current level
Trade active
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Trades still live - all trades going well
Trade active
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Trades still live, lets see if they reach the top target