EUR/USD potential Long
Updated
H1, H4 stands for 1-H Chart, and 4-H Chart
M15 stands for 15-Minute Chart
(Please ignore numbered item in H1)
First of all, in H1, H4, market shows us we were in a nice uptrend, and I think we still are until market shows us reversal signs.
Zooming in M15, I saw price did a huge spike and quickly bears got back in control in 1 and 2.
At 3, we can see bulls now come back and squeeze the price into M15 consolidation. With this pattern, and current price is at that mini support zone, price likely to bounce back.
In case price bounce back, we may have scenario marked as 4, where we could do a small trade with stop loss below the range, and take profit at support trend line. With break even at ~80% of the range, just in case price don't break higher.
However, this is not the trade I'm looking forward to trade since it is only medium probability. I am looking forward a downtrend reversal at 5, where price head down and show a clear developing uptrend back to the channel.
M15 stands for 15-Minute Chart
(Please ignore numbered item in H1)
First of all, in H1, H4, market shows us we were in a nice uptrend, and I think we still are until market shows us reversal signs.
Zooming in M15, I saw price did a huge spike and quickly bears got back in control in 1 and 2.
At 3, we can see bulls now come back and squeeze the price into M15 consolidation. With this pattern, and current price is at that mini support zone, price likely to bounce back.
In case price bounce back, we may have scenario marked as 4, where we could do a small trade with stop loss below the range, and take profit at support trend line. With break even at ~80% of the range, just in case price don't break higher.
However, this is not the trade I'm looking forward to trade since it is only medium probability. I am looking forward a downtrend reversal at 5, where price head down and show a clear developing uptrend back to the channel.
Note
Price break down lower but quickly pushed back into the zone, waiting for price to break higher. If price break lower and continue downtrend, chart need to be reevaluatedNote
Price seems to consolidate in this area. No sign of bullish or bearish yet.
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