My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
EURUSD struggled to breach the 1.18828 price level corresponding to the 61.8% fibonacci retrace.
Due to continued additions of shorts on the EURO by institutional traders plus the strengthening of the USD from recent news releases, EURUSD suffers a bearish trajectory on the daily time frames.
As the daily downtrend looks forthcoming, I’m looking at short opportunities
Entry rule: 4H chart should confirm that the bullish retrace had turned bearish with MACD below zero and the price going below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI dropping below the 50 signal line
Potential Entry
For highest probabilities, take a short at 1.18172 which coincides with the 38.2% fibonacci retrace. Ensure that you confirm the entry with the rules stated above
What are you? Turn on the head, the EURUSD cannot go to sell at 1.19135.
Lingrid
⋅
Better than ever!
pacman7331
⋅
So you only enter after you receive confirmation on a lower than 50 rsi and 10 and 20 ema? Why not short now? Too risky? Not confirmed? But what if if bounces off that 38.2?