Huge sell off on the EUR this past week, I was looking at this as a chance to long back up to resistance as it is oversold but looking at the bigger picture I think it is best to hold off at the moment. The situation is very bearish and there will certainly be swing trading opportunities here but the trend is going down and longing anything here seems like a big...
FIRST TIME REVISITING ALL TIME HIGHES
SELL SET UP
SELL EUR/TRY
ORDER TYPE
ENTRY 1 7.7820
ENTRY 2 7.8630
SL 8.987
TAKE PROFIT 1 7.7320
TAKE PROFIT 2 7.2320
TAKE PROFIT 3 6.320
BUY SET UP
BUY EUR/TRY
ORDER TYPE BUY STOP
ENTRY 1 7.8920
ENTRY 2 7.9830
SL 7.865
TAKE PROFIT 1 8.0320
TAKE PROFIT 2 8.4320
TAKE PROFIT 3 8.8220
One of my favourite pairs this weekend. So much confluence for an upside leg. Let's break it down.
1) Price printed a doji on the last trading day. That is a somewhat sign of reversal.
2) Price printed the doji at a strong area of support . We can see how many times the price has jumped from this area in the past (green circles)
3) Price printed the doji at a...
Watch out for EUR/TRY. It is currently holding strong above the 4H 50 EMA.
The next step could very well be a breakout of the consolidation to the up side.
Trade safe.
