Hey guys, just wanted to let you know what's my view about EURUSD. My analysis, as usual, starts from higher timeframe: in the daily chart i've detecred an already completed pattern at a previous level of structure (resistance) looking left. This creates the condition i want in order to trade and tells me the side that i want to join: the SHORT side. Another great evidence of that is given by the engulfing bearish candle. As we go down on the hourly chart you can see why i've decided to set a limit order: price has tried two times to break 1,1260 without success; in addition to that there was a break to the downside of both the trendline and the double top's neckline. This, along with RSI divergence, means we can now look for shorting the 618 retracement of the downward impulse, according to the 2618 strategy, developed by Jason Stapleton. Stops above the highs, target1 at the lows, target2 to be determined later on.
If you want to ask questions or share you ideas about this, feel free to comment below. Otherwise, see you in the next chart!
Dagangan aktif
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Dagangan ditutup: sasaran tercapai
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First target hit! Stops to breakeven now.
Dagangan ditutup: sasaran tercapai
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Out at breakeven. Small gain.
Komen
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Short again. Still in the same condition, little double top with engulfing on the hourly.
@SheatalMitra, this was a counter trend opportunity, so if you want to be with the trend you did nothing wrong, just unlucky! Keep commenting whenever you want!