Short for EUR/USD hunting 20 years level
Updated
Possible short position on EUR/USD to reach the 0.98 level.
The order it's not active yet, but it could offer a really nice Risk to Reward ratio, it's almost a swing operation, for the continuation of the huge downtrend.
Actually the entry in on the lower timeframe for me but the trade could be consider also on the medium timeframe.
However there are some key points for me to consider it valid.
First at all I opened also another short in the middle area of the 2 horizontal lines (1.0255) with a stop above, the price was in the golden zone at 4H and it was almost on 50% on the 1D Fibonacci retracement .
I'll post in the comment more details, however the target is almost at the 1st extension of the 1D retracement.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
The order it's not active yet, but it could offer a really nice Risk to Reward ratio, it's almost a swing operation, for the continuation of the huge downtrend.
Actually the entry in on the lower timeframe for me but the trade could be consider also on the medium timeframe.
However there are some key points for me to consider it valid.
First at all I opened also another short in the middle area of the 2 horizontal lines (1.0255) with a stop above, the price was in the golden zone at 4H and it was almost on 50% on the 1D Fibonacci retracement .
I'll post in the comment more details, however the target is almost at the 1st extension of the 1D retracement.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
Note
My first operation there is on 4H, we can see that after a huge move of 260 pips the price can't even retrace, it makes only a little bit of consolidation before another 250 pips move (less impulsive but still a big move). At the same time the price was actually in the Golden zone of the Fibonacci retracement of the 4H chart.
Note
At 1H we can see that in the marked area the price attempt to create new highs 3 time spiking trough the level but failing each time.Note
At 15m after the price tried another time to broke above the resistance level I see an opportunity for a short, after the price set a mini new low when it can't broke trough the level, setting an order at 1.025 level that was also in a perfect Golden zone area for me.Note
However yesterday the price come back up to the limit of the marked area because some fundamental news, showing another opportunity to enter potentially.Note
During the London session we can see a nice drop there, which definitely broke the previous low with an huge movement, I set my order a little bit higher than the Golden zone at 15m this time because the price potentially come back to retest the huge move before a continuation, but the entry area is subjective, this is only my view.Note
Finally taking a look at the medium timeframe (in this case 1H) we can see that the entry price is exactly on the Golden zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.