Technical Analysis for EURUSD on July 8 (Supply and Demand)
Updated
Market Conditions:
Entry:
Enter short positions after the price touches the H4 supply zone.
Exit:
Take profits at the H1 demand zone, ensuring a 1:1 ratio for safety.
Recommendation:
Monitor the price movements closely and be prepared for potential fluctuations, adjusting your strategy as necessary. Given that this is a counter-trend trade, it's important to manage risk carefully and consider taking partial profits along the way.
- Daily, H4, and H1 timeframes are showing an uptrend.
- However, the M15 demand zone has been broken, and just above is the H4 supply zone.
- This indicates a potential counter-trend setup as shown in the chart.
- Exercise extreme caution as this is a counter-trend trade.
- The expected R:R ratio for this trade is 1:1 to ensure safety.
Entry:
Enter short positions after the price touches the H4 supply zone.
Exit:
Take profits at the H1 demand zone, ensuring a 1:1 ratio for safety.
Recommendation:
Monitor the price movements closely and be prepared for potential fluctuations, adjusting your strategy as necessary. Given that this is a counter-trend trade, it's important to manage risk carefully and consider taking partial profits along the way.
Trade closed: target reached
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