Probable Short on EURUSD
A few concepts about my Price Action Strategies will be revealed as I keep posting the charts. Initially, I used to trade Discretionary Price Action which lead to many disciplinary problems.
Hence, I gradually moved my Price Action Trading onto a more Rule Based Price Action Strategies (Rule Based Market Structure with Discretionary Entries and Exits).
Coming to the current chart, I am considering the last for Swing Points (Swing Low - A candle with at least two higher highs on both sides, Swing High - A candle with at least two lower lows on both sides) on the hourly chart. The Swing Points, ABCD, have given me a Trend Cycle to the Downside, hence giving me a probable Downward Future Bias. C being the Trend Violation Swing, I am expecting the hourly chart to Pullback to B or C depending on the Price Action around the region.
Further, any weakness in the area, and a Failure (Rule Based Failure Setup, will be posted in future charts) leading to a reversal is a Good Short with a Good Risk - Reward Ratio with Targets being D or may be even lower.
Hence, I gradually moved my Price Action Trading onto a more Rule Based Price Action Strategies (Rule Based Market Structure with Discretionary Entries and Exits).
Coming to the current chart, I am considering the last for Swing Points (Swing Low - A candle with at least two higher highs on both sides, Swing High - A candle with at least two lower lows on both sides) on the hourly chart. The Swing Points, ABCD, have given me a Trend Cycle to the Downside, hence giving me a probable Downward Future Bias. C being the Trend Violation Swing, I am expecting the hourly chart to Pullback to B or C depending on the Price Action around the region.
Further, any weakness in the area, and a Failure (Rule Based Failure Setup, will be posted in future charts) leading to a reversal is a Good Short with a Good Risk - Reward Ratio with Targets being D or may be even lower.
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