Trade Idea:
This pair is currently in a range bound market, has been rejected from the top S/R zone and is on its way to the next S/R zone. I'm expecting a slight retracement to 1.09150 as price has overextended to the downside from the EMA14&21, after that, I'm entering short targeting the next major S/R zone once I see either a BACA of the 200EMA and/or favourable rejection/reversal candles.
Caution: I recommend taking partial profits off (80%) after reaching TP1 and let the rest of the trade to go to TP2 as there is a long term trend line (pink) present before TP2.
Conservative Entry: BACA below 200EMA
Aggressive Entry 1: Retest of EMA14/21 in confluence with rejection/reversal candles.
Aggressive Entry 2: Retest of the Orange RSI trend line and ensuring that RSI is staying below 50 and ideally 45.
TP & SL Levels:
TP1: 1.08534
TP2: 1.07735
SL: 1.09510
Technical Analysis:
* EURUSD is in a range bound market.
* RSI 14 (hlc3) has broken the upward trendline and is now below 50, indicating sellers are gaining strength.
* EMA200 is acting as support and retesting the S/R zone.
This pair is currently in a range bound market, has been rejected from the top S/R zone and is on its way to the next S/R zone. I'm expecting a slight retracement to 1.09150 as price has overextended to the downside from the EMA14&21, after that, I'm entering short targeting the next major S/R zone once I see either a BACA of the 200EMA and/or favourable rejection/reversal candles.
Caution: I recommend taking partial profits off (80%) after reaching TP1 and let the rest of the trade to go to TP2 as there is a long term trend line (pink) present before TP2.
Conservative Entry: BACA below 200EMA
Aggressive Entry 1: Retest of EMA14/21 in confluence with rejection/reversal candles.
Aggressive Entry 2: Retest of the Orange RSI trend line and ensuring that RSI is staying below 50 and ideally 45.
TP & SL Levels:
TP1: 1.08534
TP2: 1.07735
SL: 1.09510
Technical Analysis:
* EURUSD is in a range bound market.
* RSI 14 (hlc3) has broken the upward trendline and is now below 50, indicating sellers are gaining strength.
* EMA200 is acting as support and retesting the S/R zone.
Comment:
As a result, price didn't manage to BACA the 200EMA as well as the S/R zone, so no trades were open for this pair, and once again my trade plan has protected me from entering a losing trade. Lesson here: Always wait for a confirmation before entering any trades.
Order cancelled:
As a result, price didn't manage to BACA the 200EMA as well as the S/R zone, so no trades were open for this pair, and once again my trade plan has protected me from entering a losing trade. Lesson here: Always wait for a confirmation before entering any trades.