Euro / U.S. DollarShort
EURUSD - Update: Reason for Sell Trade at 0.99524
On 5M timeframe:
1 - Price made initial Low at 0.99443
2 - Price made initial High at 0.99647
3 - Price retested the Low 0.99443 and bounced up
4 - Price retested the High 0.99647, twice. See wick/rejection on 2nd attempt.
5 - Break of Structure (break of current Low) happened. So we can assume from there that market wants to go down. Which also confirms continuation of Friday's bearish behavior.
5 - Price made a Lower Low at 0.99403.
6 - We assume that if price retrace, it will do so at the golden zone. So we opened a sell trade there.(encircled)
1 - Price made initial Low at 0.99443
2 - Price made initial High at 0.99647
3 - Price retested the Low 0.99443 and bounced up
4 - Price retested the High 0.99647, twice. See wick/rejection on 2nd attempt.
5 - Break of Structure (break of current Low) happened. So we can assume from there that market wants to go down. Which also confirms continuation of Friday's bearish behavior.
5 - Price made a Lower Low at 0.99403.
6 - We assume that if price retrace, it will do so at the golden zone. So we opened a sell trade there.(encircled)
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.