Despite all the sudden spikes due to political reasons, the EUR is on a clear uptrend for weeks now.
The next target is the next confluence of resistance awaiting at the Daily FVG that coincide with a long standing support/resistance zone and also the monthly R3 pivot. And to top it all of we are in the golden fib zone as well from the previous highs before the drop.
Whether we go down from there to continue the downtrend (it's still a downtrend on the weekly/monthly) or we break the trend and go for the highs will be decided later and there is no need to extrapolate.
The only question for now is if we're just gonna keep going up without possibility for a proper entry or get a proper pullback first.
If it's the former it's gonna be hard to get any trade in other than scalps, in the second possibility.
For the later, on the 4H I see two possibly entries (ideally) with the best Risk/Reward.
The first entry is roughly at R1 around the support zone / tapping into the 4H FVG created during the big push up, and the best possible case is the gap fill and 79% retracement (currently as the time of writing, which will probably change) and weekly pivot at 1.04218.
Targeting the level I mentioned earlier would give an excellent 1:6RR with very high probability.
Is it likely to happen that we'll drop down all the way quickly? no.
But in today's time with trump sending the market thumbling multiple percentage points from tweets, anything is possible and if you have a proper plan in place, all you need is alerts and execute the plan even when things happen in a blink (like that last mini crash and that big push up!)
By the time we get there you could possibly refine the entry on the lower time frame or just execute as it is presented here and just let things run.
Follow for more as I plan to post about more pairs and always post minds on lower time frame opportunities during the day!
The next target is the next confluence of resistance awaiting at the Daily FVG that coincide with a long standing support/resistance zone and also the monthly R3 pivot. And to top it all of we are in the golden fib zone as well from the previous highs before the drop.
Whether we go down from there to continue the downtrend (it's still a downtrend on the weekly/monthly) or we break the trend and go for the highs will be decided later and there is no need to extrapolate.
The only question for now is if we're just gonna keep going up without possibility for a proper entry or get a proper pullback first.
If it's the former it's gonna be hard to get any trade in other than scalps, in the second possibility.
For the later, on the 4H I see two possibly entries (ideally) with the best Risk/Reward.
The first entry is roughly at R1 around the support zone / tapping into the 4H FVG created during the big push up, and the best possible case is the gap fill and 79% retracement (currently as the time of writing, which will probably change) and weekly pivot at 1.04218.
Targeting the level I mentioned earlier would give an excellent 1:6RR with very high probability.
Is it likely to happen that we'll drop down all the way quickly? no.
But in today's time with trump sending the market thumbling multiple percentage points from tweets, anything is possible and if you have a proper plan in place, all you need is alerts and execute the plan even when things happen in a blink (like that last mini crash and that big push up!)
By the time we get there you could possibly refine the entry on the lower time frame or just execute as it is presented here and just let things run.
Follow for more as I plan to post about more pairs and always post minds on lower time frame opportunities during the day!
Trade active
I forgot to add the third possible entry, the most probably but also the least ideal: a 50ish% retracement, right on the breakout level, sending the price higher without a proper deep retracement (that we'll grab maybe later on during the month/year)In this scenario we'll need to see on the lower time frame a sign of reversal to go long, I'll post that on the minds section and try to update this post also.
Order cancelled
Obviously the idea didn't play out. we just went straight up and I went short there instead, you can follow the idea in my other post that is currently active:
mind you, we're still in an uptrend and even if my other trade reaches its target, it's gonna be a just a great opportunity to go long at those levels for the next push higher.
Don't lose sight of it if we go red for 400pips and everyone turns a seller all of a sudden!
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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.