EURUSD possible short term bottom
I guess it is possible EURUSD has bottomed in the short term with an ending diagonal as 5th wave.
My trading plan is to long at this level, stop loss at 1.0510, where wave ((5)) of the ending diagonal will be longer than wave ((3)), and invalidate this ending diagonal count.
Upside target is 1.0850 (previous 4th wave)
then 1.092 (38.2% retracement)
then 1.103 (50% retracement)
Combined with my other bearish USD ideas, I'm pretty confident for this trade and I have entered long already.
My trading plan is to long at this level, stop loss at 1.0510, where wave ((5)) of the ending diagonal will be longer than wave ((3)), and invalidate this ending diagonal count.
Upside target is 1.0850 (previous 4th wave)
then 1.092 (38.2% retracement)
then 1.103 (50% retracement)
Combined with my other bearish USD ideas, I'm pretty confident for this trade and I have entered long already.
Trade active
already entered long at 1.0590, stop placed at 1.0510, 80 pips risk.Note
BTW, this trade idea came from manijeh and anil, kudos to them.
Note
Its good to tighten stop to 1.0550, or BE to your entry level while price has bounced back above 1.06.
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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.