What should I do when EURUSD appears above Minor Support Level?
Updated
I have a simple plan for EURUSD if USD really losses its strength on remaining market days of this week.
#What's going in the trade?
1. Price is inside the symmetrical triangle and if you can see a light green dot line above the price which is a Minor Support level
@ "1.15274" and its what I am really concern about.
2. We got a Fibonacci Retracement where the price is floating around 61.80% and could retrace deeper if USD takes over EUR.
3. Minor Resistance Level @ "1.17422" which is far away for now but I'm mentioning it too cause it could be our last resort for target profit level in near future if we get chance to do long in this pair and everything goes in our plan.
#Trade plans:-
1. First I want the price to cross above Minor Suppor Level which will indicate a good sign for further price upward momentum.
2. If it crosses above Minor Support Level I will choose a price Entry-Level @ "1.15506" for my long position. I will set a "-100" pips Stop Loss from that point and it will not get stopped out even if the price falls back near to Minor Support Level, retest it but return back upward without falling below it. We have a good breathing room for our stops so it will take care of the minor pullbacks.
3. If we got the chance to enter this trade then talking about our profit target it will be around the previous Minor Resistance Level @ "1.17422" zone and our Risk to Reward can be "2:1" ratio not bad. If it really gets well we can properly scale in to maximize profit at the middle of the trade. We can expect higher profit level if the price goes beyond the older minor resistance level but that's all about future plans.
What can indicate EURUSD being not favorable to do a long trade?
1. If it never rises above Minor Support level @ "1.15274".
2. If the price break through the symmetrical triangle bottom trendline and retrace deeper Fibonacci Retracement levels eg: 61.80%, 78.60% and so on higher levels.
3. If US dollar strength doesn't get weak or the partner correlated pairs of EURUSD like AUDUSD, GBPUSD falls harder along with EURUSD.
#What's going in the trade?
1. Price is inside the symmetrical triangle and if you can see a light green dot line above the price which is a Minor Support level
@ "1.15274" and its what I am really concern about.
2. We got a Fibonacci Retracement where the price is floating around 61.80% and could retrace deeper if USD takes over EUR.
3. Minor Resistance Level @ "1.17422" which is far away for now but I'm mentioning it too cause it could be our last resort for target profit level in near future if we get chance to do long in this pair and everything goes in our plan.
#Trade plans:-
1. First I want the price to cross above Minor Suppor Level which will indicate a good sign for further price upward momentum.
2. If it crosses above Minor Support Level I will choose a price Entry-Level @ "1.15506" for my long position. I will set a "-100" pips Stop Loss from that point and it will not get stopped out even if the price falls back near to Minor Support Level, retest it but return back upward without falling below it. We have a good breathing room for our stops so it will take care of the minor pullbacks.
3. If we got the chance to enter this trade then talking about our profit target it will be around the previous Minor Resistance Level @ "1.17422" zone and our Risk to Reward can be "2:1" ratio not bad. If it really gets well we can properly scale in to maximize profit at the middle of the trade. We can expect higher profit level if the price goes beyond the older minor resistance level but that's all about future plans.
What can indicate EURUSD being not favorable to do a long trade?
1. If it never rises above Minor Support level @ "1.15274".
2. If the price break through the symmetrical triangle bottom trendline and retrace deeper Fibonacci Retracement levels eg: 61.80%, 78.60% and so on higher levels.
3. If US dollar strength doesn't get weak or the partner correlated pairs of EURUSD like AUDUSD, GBPUSD falls harder along with EURUSD.
Trade active
Wo..wo....woooOooo My Buy Stop at price Entry-Level @ "1.15506" has been fired just now. Show Begins pals! Let's see what EURUSD have for us now!
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