EUR/USD looking to sell on the 240

4 Jul 2016

Post Brexit things are still a little unsteady but starting to get back to a normalized pattern. There was a strong Brexit impulse down which is was projected by the linked chart. It is now in correction and could resume the down movement at anytime. I am looking for a break of the blue 4 hr trend line with a small flag or correction below (three x 1 hr candles minimum). A break of that flag is my entry point.
If price rises to the .618 retracement I will sell there with my stop above previous swing high.
There is a small area of resistance just above the .618 that could be a more refined entry area.
My target will be around the 1.08 - 1.07 area.

Educate yourself, create a trade plan, validate your trade ideas with other traders ideas. Own your trades good or bad.

5 Jul 2016

Nota

Price broke below the trend line but did not close below. If price action bounces back at a shallow angle or flag you may be able to short the break of that correction. Be sure to wait for 3 sideways hourly candles to confirm. Sell the break of the flag.
If price action retraces at a sharp upward angle wait for another strong impulse candle down to break the trend line and again at least 3 sideways hourly candles sell the break of the small correction.

12 Jul 2016

Nota

This pair does not know what it wants to do and that is getting old. I may close my position as I am about where I entered. Of course if I close it there will be a very good chance it will as soon as I do. That's trading.