V1:T6_EURUSD_Thinking Ahead_Stratagy & Logic.
Updated
Hey there Traders! Whew - What A week!
Monday and Tuesday last week proceeded to push above levels I had identified to proceed with risk on buying strategies. RISK ON=Long XXX/USD. Short USD/XXX. Unfortunately, as soon as I proceeded, EURUSD signaled the market is still too heavy to proceed higher. The daily chart is signaling more downside. So I'm planning some short term potential pivot areas shown in purple. It is critical to see price action confirm these levels are worthy of buying. It is unlikely they serve any purpose. My primary buy point will be at the substantial low put in at the beginning of the month. Looks like a great place to unload some impatient long traders. I'm putting in orders a few pips above this low. Be considerate of that BLACK 50% fib level which will provide major support. I expect price could act irrationally below that level so be vigilant!
Stop wise - ehh' I'll need to see two daily closes below the old MAJOR high established 9-8-18 of the area. Do you remember trading this level? Amazing trades in those days. Amazing trades since those days based on those days. Mind BLOWN! Anyways I will need to see action below these levels before I am convinced this uptrend is over.
The green arrow is to remind you folks who is in charge here. This daily chart is still up-trending. Shorting an uptrend is not a viable strategy. Save your fuel for the best entry possible. This is just silly trade war BS. Not gonna amount to anything. Maybe even more weight to hold DOWN the USD!
So hold tight. Keep your head straight. Lets hit it hard in the week ahead.
T-Out!
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
Monday and Tuesday last week proceeded to push above levels I had identified to proceed with risk on buying strategies. RISK ON=Long XXX/USD. Short USD/XXX. Unfortunately, as soon as I proceeded, EURUSD signaled the market is still too heavy to proceed higher. The daily chart is signaling more downside. So I'm planning some short term potential pivot areas shown in purple. It is critical to see price action confirm these levels are worthy of buying. It is unlikely they serve any purpose. My primary buy point will be at the substantial low put in at the beginning of the month. Looks like a great place to unload some impatient long traders. I'm putting in orders a few pips above this low. Be considerate of that BLACK 50% fib level which will provide major support. I expect price could act irrationally below that level so be vigilant!
Stop wise - ehh' I'll need to see two daily closes below the old MAJOR high established 9-8-18 of the area. Do you remember trading this level? Amazing trades in those days. Amazing trades since those days based on those days. Mind BLOWN! Anyways I will need to see action below these levels before I am convinced this uptrend is over.
The green arrow is to remind you folks who is in charge here. This daily chart is still up-trending. Shorting an uptrend is not a viable strategy. Save your fuel for the best entry possible. This is just silly trade war BS. Not gonna amount to anything. Maybe even more weight to hold DOWN the USD!
So hold tight. Keep your head straight. Lets hit it hard in the week ahead.
T-Out!
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
Note
I have decided that in conjunction with this idea, If EURUSD begins the week on a bearish note, It would be wise to plan for RISK OFF scenarios (RISK OFF = Short xxx/USD. Long USD/XXX.) Looking at pairs across the board: USDCHF holds a higher potential to trade higher, as opposed to USDCAD for example (CAD is oddly out of tune b/c trade war BS.) So I will be looking for the best of the best from the basket of options we have. But remember my RISK OFF bias is short term, and exists only when/if EURUSD is weak. Meaning I use smaller position size, don't expect home runs, and will close positions at the drop of a hat if EURUSD regains strength. It is advised new traders only trade RISK ON scenarios. Counter trend trading can exhaust all mental resources. Im'a roll with it to see what happens this week. No decisions will be made until the after the close Monday.Note
USDCHF Note
EURUSD is showing signs of strength on the daily. Risk on operations Resume with trend. Notice how that stochastic looked all weekend to suck traders in like myself vs end of monday. Finally around the US open EURUSD declared it's strength. Note
Check this out Trading View! Watch me lose twice in the next couple days. Got 1% on the short position and 2% at the long. Insanely stupid but could earn me the trader of the year award :D Also using this series to test my discipline by forcing myself NOT to check on these tomorrow and leave EACH ENTRY EXIT TARGET IN PLACE. Goodluck! Im'a need it. Note
In reference to the chart above I got filled on the short entry Tuesday night approx 9pm. I took the trade off for 1% account balance to make up for the loss sustained on USDJPY. Order still pending for the long entry.Note
Short trade was a winner. Long trade was a loser. The least likely outcome occurred. Isn't that just like this hateful market... I am still long EURUSD. Would love to see.
Note
Thoughts: I am trying to force my opinion on the market, and its not working. I have cleared my head of such directional thoughts... This chart has room to run down and test the 1.21 level... Another error, Identifying that Eurusd is potentially weak, like i had earlier this week, I should have taken quick short term 30 tick profits. I literally could have traded 30/30 all week. But instead I was taking mid sized swings, approx 50-125 pip ranges for as long as it took to hit t1 or stop. The fatal issue, trading long EURUSD with 150 pip target and 50 pip stoploss in a weak market.
Percentages of the week
EURUSD (-2.5)%
USDJPY (-1.0)%
NZDJPY (+1.3)% Long (DM for private trade)
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