Will EURUSD Continue The Uptrend? BOS confirmation is the KEY!
Updated
- Strategy Explanation
EURUSD has been pushing up strongly up to the 4H resistance at 1.11743, the question is whether the uptrend will continue now to the Daily Order Block area even higher, or start to reverse? How do we know?
The answer is the upward Break of Structure(BOS) confirmation signal.
Right now on 15m EURUSD chart, it starts ranging a bit. But if the uptrend will continue today, we need the market to break up the level 1.11436 at least to form a BOS confirmation for uptrend. If then it pullbacks to the level around 1.11305, then we can enter the Trend-following LONG trend.
I've drawn 2 possible prediction paths on how the entry point can emerge, we do NOT care about which one is more possible than the other one. We only wait for the BOS confirmation to occur, then start looking for entry point for BUY.
A brief Stop Loss and Take Profit level I recommend for this potential BUY:
Entry point around level: 1.11350
SL: 1.11123
TP: 1.12017
Partial TP at 4H Resistance 1.11743
- Cautions
If the "Caution level" at 1.10707 has been reached before our desired upward BOS, abandon this LONG strategy, new analysis will be made.
Note
Entry Buy Soon
Order cancelled
Mission aborted!!!
Unfortunately, The News release of Fed Chair Powell Speech moved the market drastically, no reasonable pullback Buy entry at LTF can be found. Opportunity missed, so be it. This is part of Trading. Lets go find next one !
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