Today, we see an upthrust on EURUSD at the top of the channel.
After NFP, the immediate trend has turned bearish and I will be looking for more shorting opportunities. The immediate support we can see is 1.2280, and we have to observe what happens when it hits the support there.
If you go short on EURUSD, the stops has to go above the recent high.
Easily a 1:1 R:R trade here.
I am short at 1.2375 with stops at 1.243 and target open for now.
Komen
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EURUSD has dropped about 60 pips since my post.
The critical support at 1.2280 must be watched closely.
If it is broken below strongly, I will have my eyes set at 1.2 as my target profit.
Komen
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Took partial profits for this trade at 1.2280.
Might add more short positions when it comes back to challenge the top of this channel.
Vol analysis is critical at top of channel.
Komen
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+95 pips for my 1st batch of profits.
Komen
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Rebounding nicely as expected. Be patient and watch top of channel for shorting opportunities again.
Komen
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Price has reached top of channel.
The red candle which just closed has decent volume.
Re-entered short with stops at 1.2310 targeting 1.2.
Komen
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I am stopped out of my final ticket of short. -50 pips.
I might short again, depending on price activity at the next critical resistance level around 1.2350.
I hope to see some upthrust exhaustion volume.
Komen
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EURUSD bull likely to continue until top of channel
Hello sorry i have to ask here but i don"t know where to ask
but what would be your trigger to enter a harmonic trade the price is in the prz zone rsi or volume confirmation i understand that but what would be your trigger to buy or sell ?
TerryHarmonicTrading
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@dubaere, the main tools i use in my trading is harmonic patterns, volume and channels. The trigger is usually the volume activity either at prz or channel extremes. For example. if the price is at top of channel with exhaustion volume, I will wait a bearish bar to complete before entry. I will be writing more articles on the way I trade, will keep you posted.
dubaere
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@TerryHarmonicTrading, could i use rsi or macd for the entry trigger like if i have divergence on the macd in the prz zone or if i'm in oversold on rsi in the prz zone ?
by the way i'm a big fan :D
TerryHarmonicTrading
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@dubaere, yes you can as RSI is the most commonly used indicator to confirm an entry as strongly recommended by Scott Carney. However, I find more success trading with volume from a big broker as it gives me better entry most of the time. I will be populating more content in the coming weeks and months and I will definitely share with you what I have learnt learning from Scott and incorporating some VSA concepts into my trades. Feel free to pm me anytime.
dubaere
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@TerryHarmonicTrading, thanks you for the answer i will do when i have questions :)
i'm going to try and use volume thanks for the idea