Brief, Conservative Long on an EU Retracement
Updated
Entry - Already in at 1.06815
TP - 1.07490
SL 1.06430
Looking for a retracement from this week's Article 50 fall. The price has stalled at the 1.618 fib extension from the most recent price climb, RSI is oversold, and MACD is near a crossover on 4h. Target probably won't be reached until next week if it is hit, but this appears to be a good entry point for a short-term long position, in my opinion.
My SL is below the 0.618 fib from the most long term uptrend. Based on past S&R, there may be safer SL levels, but this risk reward isn't as favorable as I'd like, so I didn't want to stretch it.
Good luck!
TP - 1.07490
SL 1.06430
Looking for a retracement from this week's Article 50 fall. The price has stalled at the 1.618 fib extension from the most recent price climb, RSI is oversold, and MACD is near a crossover on 4h. Target probably won't be reached until next week if it is hit, but this appears to be a good entry point for a short-term long position, in my opinion.
My SL is below the 0.618 fib from the most long term uptrend. Based on past S&R, there may be safer SL levels, but this risk reward isn't as favorable as I'd like, so I didn't want to stretch it.
Good luck!
Trade closed: stop reached
Well... That was an unfortunate SL location. I'm still of the mind that the retrace will continue in the direction of my initial trade target, but my timing was off on the trade itself (that or I'm completely wrong, which is a strong possibility). The price is ranging within a descending wedge following a drop, which indicates (to me) a potential retrace. Then again... Article 50 and the location of the 200 EMA (4h) and a trend is your friend and this and that...I've opened another small buy here, same target.
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