EURUSD - Daily projected target level
Updated
Presuming the downtrend is going to continue, I'm already in this short from last week. This is just an observation of a long-term target price, as well as a level of invalidation.
The AB=CD reciprocal ratio points to 1.09561 as an eventual target for the short. A nice long stretch that should offer at least a few consolidation price patterns on lower time frames to try and catch some additional short entries on the way down.
The yellow box above is no-man's-land as far as I'm concerned. If price moves up there I'm flat until it leaves that zone, one way or the other.
The AB=CD reciprocal ratio points to 1.09561 as an eventual target for the short. A nice long stretch that should offer at least a few consolidation price patterns on lower time frames to try and catch some additional short entries on the way down.
The yellow box above is no-man's-land as far as I'm concerned. If price moves up there I'm flat until it leaves that zone, one way or the other.
Note
The 60 min chart provided a rising wedge for entry last week. The broken and currently retesting ascending trendliine may be another
Note
Price moved briefly into the no-mans-land at the end of Sept but Oct brought a solid impulse down back to bearish territory. Last week saw a retracement up to the 0.382 level, then a break down out of the channel. The week started with a gap down, a move up to close the gap & retest the broken channel followed by three failures to push far past the 1.16 level. Bearish RSI and MACD bearish divergence on each of those failed attempts leads me to believe the retracement is over. I'm expecting the bearish trend to continue now.
I added to my short with stop up around 1.1630. Next level I'm watching carefully is going to be around 1.145. Some support there could offer another pullback opportunity to build the short. After that, watching the 1.133 level for same.
Good luck all! Trade safe. Trade smart. Live to trade another day :-)
Plan your trade and trade your plan.
As always, questions, criticism, discussion and differing opinions are welcome. Hope this finds you all well!
Note
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