EURUSD broke structure (downtrend) and is consolidating on the tentative upsloper MLH (fork), forming a major bottom with a massive upside potential. The bottom is also the 0.618 fib line of the last major upswing.
Targets are the 1: 0.5 of the frame / 0.618 fib line of the last downswing and 2: ML of the fork.
Trade is Long EURUSD cmp (1.12270)
I bought EURUSD at 1.1314
SL is big - 50pips and placed at 1.1263
TP it too big - placed at 1.1516
So RRR - 1:3.99 - very good. Of course i close my position if find reversal pattern. But right now - it good trade to buy.
And after i publisd idea to sell USDCHF - subscribe to my channel :)
I think that EURUSD still on bull trend. So we need enter in buy position. But Where?
Best enter will be on some low - when the pair updates the last lower extremum at 1.1433
I make there BuyLimit and TP will be 1.1514. SL - 1.1410. So RiskRewardRatio - 3.63
P.S. On chart order placed not full correctly so RRR 3.05. But really - 3.63 :)
EU Seems to be showing strength to the upside after a long time of consolidation.
Without getting too far into the fundamentals, the US Gov. Shut down is NOT helping the Dollar at all.
As the market structure forms, a possible pattern could be a cup and handle; one of the strongest bullish patterns there is.
Illustrated, is the forecast and how this pattern...
We are already in the killzone to buy here at market prices. The orignal idea and setup was to buy at the 61.8 which would have been the aggressive option. But looking at the sharp reversal from recent highs, particulary visible on the weekly and daily chart I would suggest a more conservative entry here. It was worth the waiting as we have blown way past the...