Hello Traders,
I stumbled across the Euro Dollar chart on the daily time-frame only to notice we are coming near a level of some significance at 1.12778
I noticed some historic bearish rejections on this key level and whilst looking at market structure, I was interested in another bearish move from this market.
I zoomed into the 4hr time frame to see what candlestick patterns I could identify to build to some value into the trade idea.
Not only did I do this, but I found a large wick rejection candle form below my structure level which I have used for entry.
I anticipate that we will see this pair take price down to previous structure lows and break lower depending on how quickly the market reacts
Entry @ 1.12518
Stop Loss @ 1.12970 - 45.2pips
Take Profit @ 1.10751 - 176.3 pips
Best of luck if you take this !!!
I stumbled across the Euro Dollar chart on the daily time-frame only to notice we are coming near a level of some significance at 1.12778
I noticed some historic bearish rejections on this key level and whilst looking at market structure, I was interested in another bearish move from this market.
I zoomed into the 4hr time frame to see what candlestick patterns I could identify to build to some value into the trade idea.
Not only did I do this, but I found a large wick rejection candle form below my structure level which I have used for entry.
I anticipate that we will see this pair take price down to previous structure lows and break lower depending on how quickly the market reacts
Entry @ 1.12518
Stop Loss @ 1.12970 - 45.2pips
Take Profit @ 1.10751 - 176.3 pips
Best of luck if you take this !!!
Trade closed: stop reached
Hello Again Traders,It could be argued that everything in my analysis was pointing towards weakness in this market. So what happened?? Welcome to Forex my friends where nothing is guaranteed.
It looks like the Euro Dollar did find some strong support and got the bulls very excited smashing through out marked level of structure with some solid bullish Day candles.
We can possibly look for further weakness in the future around key levels to look for a trade idea but as of now, we will take this one with a pinch of salt.
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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.