Long

EURUSD Outlook 7/31

Updated

EURUSD Outlook - EURUSD is HTF Bullish. Price just validated a bullish monthly OB and is now returning into the body of this OB. we can anticipate bullish price action from within the body to a new recent high.

Last week traded into what can be considered a daily bullish breaker. there is a 12hour balanced price range below the weekly open price. The expectation is that price will likely trade at least to the 12h BPR and potentially to the daily FVG below, before looking to expand and take out last week’s high which formed with relative equal highs and is a pretty clear pool of liquidity. This week’s news is of high impact with NFP on Friday.

Note

long on EU

Note

some encouraging movement finally. Will hold interday.

Note

moving well during asia, however there is a double bottom just above the daily FVG that makes me weary. Holding for now.

Note

price rejected off a 4H FVG at the weekly open and reversed. Unfortunate. took a loss here as I was reluctant to move SL to BE. Points for analysis, no points for risk management on this one.

Note

Will be watching the daily FVG below for potential longs

Note

im taking a risk entry buy here at consequent encroachment of the daily FVG.

This is riskier as there is not entry schematic, but it is a valid trade from a liquidity and price rebalancing perspective.

Note

as the R/R here exceeds 1:6 i will be using 3 TPs instead of 2 in a 50-30-20 format per my risk management strategy.

Note

As I have a number of positions in this trade I am moving the SL of all but one position to below the recent low to minimize risk. Full risk on the remaining position.

Note

always juggling hubris vs confidence in trading. Only time exposes which was at play.

Note

going break even. This is either it or it isn't. No high impact news expected for today so there shouldn't be any unforseen price spiking.

Note

would've liked more movement. holding interday, giving room for the spread widening.

Note

Still in this one, SL moved just below break even. While I do think price will expand higher, I've reduced my TPs more conservatively

Note

dont like how its developing tbh. may not hold. had move SL back to risk for news.

Note

if we trade above the recent high I will be going break even and wont be moving my stop back into risk from there.

Note

going break even. im going to give myself points for patience, sticking to the idea till it was invalidated, and risk management on this one. the outcome is in the market's hands at this point.

Note

Be it a positive or negative trade outcome, once you have done your due diligence as far as analysis and risk management, all you can do is submit to time.

Note

For anyone following along, a conservative take profit for this would be the weekly open price at 1.10211.

Note

While I do think price is likely to reach the current TPs I am prioritizing trade completion over catching the entire move as it may take into next week and I dont hold over the weekend. Moving take profit to monday's high.

Note

NFP going as anticipated.

Note

TP1 hit. 80% out of this position.

Note

closing out the rest of my position here as the day comes to a close.

Back at it again next week.

Note

Another week, more funding challenges passed. slowly building my empire one brick at a time.

akhena10fx

Let the algo show you its hand.

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.