EURUSD: sell on retrace
Updated
I already sold after time expired for the daily uptrend and I spotted a nice entry on an hourly retracement, but now we have a very clear resistance level to sell against if price retraces to meet it.
My first entry was at 1.13583, still running in full.
RgMov is pointing down, and we have a completed 5 bar downtrend that extended the projected range three times.
Ichimoku shows the lagging line below price, and price has closed below the cloud as a sidenote. The resistance level above is obtained by:
There is a high probability of seeing price rebound from this level and continue to march lower to retest the low volume support level below, the daily mode and possibly produce new lows if this is the resumption of the long term dollar rally. If it's not, the move down will be profitable enough to warrant a confirmed short entry from this zone.
I don't expect an instant rejection and a move down, it's probable to see sideways action before the move down resumes and accelerates again. This would only give us more confirmation for a new short.
Stay tuned for updates.
Good luck,
Ivan.
UPDATE:
Price completed a new 4 bar downtrend ahead of time. I covered 75% of my initial short and moved stop to break even. Waiting for time to expire for the corrective rally to start, so I can short again.
UPDATE 2:
Second chance to go short here today probably.
UPDATE3: BANG
My first entry was at 1.13583, still running in full.
RgMov is pointing down, and we have a completed 5 bar downtrend that extended the projected range three times.
Ichimoku shows the lagging line below price, and price has closed below the cloud as a sidenote. The resistance level above is obtained by:
- Projecting highest low/lowest high levels in the trend. There are 2 of said levels at play, which also match a mode or most frequent price level.
- Fibonacci retracement level.
- Ichimoku cloud resistance.
There is a high probability of seeing price rebound from this level and continue to march lower to retest the low volume support level below, the daily mode and possibly produce new lows if this is the resumption of the long term dollar rally. If it's not, the move down will be profitable enough to warrant a confirmed short entry from this zone.
I don't expect an instant rejection and a move down, it's probable to see sideways action before the move down resumes and accelerates again. This would only give us more confirmation for a new short.
Stay tuned for updates.
Good luck,
Ivan.
UPDATE:
Price completed a new 4 bar downtrend ahead of time. I covered 75% of my initial short and moved stop to break even. Waiting for time to expire for the corrective rally to start, so I can short again.
UPDATE 2:
Second chance to go short here today probably.
UPDATE3: BANG
Trade closed: target reached
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