EURUSD Swing/Day Trade Points of Interest
From a broader perspective this is a mixed market. Price is consolidating near a psychological resistance area of 1.3200 While coming off a higher low of 1.3160 area. Since that has been no fierce sell off yet, this can be taken as a sign of strength. The problem is it has not confirmed with a strong 4 Hr close above 1.3200.
I am looking at this pair in two ways: First since the general price structure is bullish, I am very interested in bullish reversals around the 1.3060 - 1.3025 area. If I can validate a reversal here, I will look for a swing trade long with a stop about 15 pips below the swing low at the time of validation. Initial target would be set to the 1,3250 area.
On the bearish side, I am open to participating in a day trade if the price action can validate somewhere between 1.3189 and 1.3220 area. Remember here the expectation is smaller, that means a tighter stop (just above recent swing high at the time of entry) and a smaller target which would be somewhere around 1.3120s. Since I have a smaller expectation of the short, I will be very sensitive to hesitation and reversal activity when in the trade. You need to be flexible.
If there is no validation, there is no trade. If you don't know how to validate, that is why we train people. Learn more: bit.ly/smbhome
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I am looking at this pair in two ways: First since the general price structure is bullish, I am very interested in bullish reversals around the 1.3060 - 1.3025 area. If I can validate a reversal here, I will look for a swing trade long with a stop about 15 pips below the swing low at the time of validation. Initial target would be set to the 1,3250 area.
On the bearish side, I am open to participating in a day trade if the price action can validate somewhere between 1.3189 and 1.3220 area. Remember here the expectation is smaller, that means a tighter stop (just above recent swing high at the time of entry) and a smaller target which would be somewhere around 1.3120s. Since I have a smaller expectation of the short, I will be very sensitive to hesitation and reversal activity when in the trade. You need to be flexible.
If there is no validation, there is no trade. If you don't know how to validate, that is why we train people. Learn more: bit.ly/smbhome
Follow me MarcPMarkets
Contribute to my book: unconventionaltrader.com
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