Tradingstrategyguides
Short

EURUSD 4H Macd crossed below 0 level line

FX:EURUSD   Euro / U.S. Dollar
Macd crossed below the o level line last night starting possibly a new beginning of the week a bearish short term trend for 50 to 100 pips. Enter on a 15m break-hook go short. Red line is support level I'm using as my TP
Comment: Price on the 15 m chart is now between the 50 and 100 sma. I always let price action determine what I will do next by asking the question "If this happens,what then?"
When price gets to the 100 sma two things can happen. 1 - Price bounces off the 100 sma and continues short to the bottom of the large range box. 2 - Price breaks above the 100 sma.
If #1 happens (short) it could mean the bearish trend is continuing and it will break the bottom of the large range box. Or the market makers want a bullish move but they didn't have enough buyers to create momentum strength. They needed to lower the price to a discounted price to draw in and accumulate more buyers to take it long.
If # 2 happens with a break above the 100 sma 15m I would either wait for a break-hook-go or I would look for a wick that tested above the 100 sma. The 100 sma is currently at 1.1755. There is a close previous swing high wick at 1.1764. I would place a buy stop above that level for my entry. My two TP would be TP1 @ 1.1795 and TP2 @ 1845.

Comments

100 MA is at 1.17573 on 15 min chart... would this be good as an entry?
Reply