Euro / U.S. DollarUpdated Eurusd - Back to the bread and butter
Watching for either a short or long, because judging from the top down analysis, were in a triangle/possible pinch point of a change of direction.
A strong breakup, I'm going long, looking to break through the top level and continue to the 1.09s, and possibly 1.10, but at least near future, stay above the peak level. From the 4hr
If the main trend line breaks, lined up from the start of the move, I'll have to watch to see a retest of the major trend line and then go short, either with a retest at the line or the major support line where price is now, down to the 1.03-1.04 levels.
A strong breakup, I'm going long, looking to break through the top level and continue to the 1.09s, and possibly 1.10, but at least near future, stay above the peak level. From the 4hr
If the main trend line breaks, lined up from the start of the move, I'll have to watch to see a retest of the major trend line and then go short, either with a retest at the line or the major support line where price is now, down to the 1.03-1.04 levels.
Note
Level under price adjustment to center on 1.082. Looking at a basic price action setup trade. I'm going off the assumption the low recently is a pullback on the overall move, and a break above the upper line will confirm the attempt for the trend to continue. If the entry is taken, a standard stop loss will be used and trail the stop with the price, Incase we have a rejection off the 4 hour level above, but I'm expecting it to try to go for 1.10 overall before we have some issue. A break in the overall trend line would be the extreme possible line , and the best way to enter would be on a retest, as the drop could be a fake out to catch top pickers
Note
Taking currency strength into account, I the USD is losing a little bit of strength, but the EUR is steady. The trendline is a probable good entry, but there is still the case of a possible breakout, so I will pass that entry and wait for a little more confirmation, as target is fairly far away i can take a little room for itNote
Bit of a head and shoulders, rejection off the main trend line will be a good signal, then close above the line on a 15 minutes candle, or it breaks out low and wait on the retest for short, USD back strongerNote
Daily pivot level has been at the 1.082 mark twice in the last three days, today it is marked as support (1.08184, traditional method), likely to see the rejection to the upside from that levelNote
Tight downward channel formed against the trend, not a good entry zone longNote
Price has made a diamond pattern, and came out to the bottom, signs a possible short is coming instead of the long, but still watching. Price is in a high risk area at the moment in my opinionNote
If we drop down then come back up, with 1.0816 holding and a strong reaction back above the main trend line would be a good entry, with stop at around 1.0815 for that entryNote
If we go through the 1.081, we may be going short on a retest from around this level when it comes backNote
Asleep when the condition was met, so entry missed look for anotherTrade closed manually
Confidence is back from the read of this trade, going to look at a new setup, as this one is gone
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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.