Hello everyone,
I will be posting my EUR/USD analysis here.
EUR/USD -
1 Hour
You can see that the price went up and hit the 365 EMA. This is where I shorted and then cashed out around the 21 EMA and 236 Fib. This is also around the price that I got in long.
4 Hour
As you can see that price went up and hit the 100 EMA.
Daily
These up moves started 3 days ago with that Pin bar. I missed ideal entry off the daily pin so I have been trading the dips and valleys off the 4h and 1h. Ill be around next time to caught it
4 Hour Chart
This chart makes me want to go short. How the price hits the 150 EMA and then you got a bear candle afterwards.
1 Hour Chart
However, the one hour chart makes me think other wise. You have that nice big spike and then no retrace. Just a small range between 20 pips. This makes me believe that there will be another bullish move. So I think my original assessment to stay out of it for the time being will be wise. I may just go look at Yen for a few days before I visit euro again.
The Euro was good to me last week, no need to keep pressure it next week.
First we have a not so decent pin on 1h. Still I think it was tradeable since it hit the fib.
But then there is an awesome pin on the 4h.
I wasn’t looking at the 1h chart when I had my short bais and I was short at the fib level on the one hour chart. I got stopped out at a -3%. However, I got in with the good pin on the 4h chart and got +4%. So this week started off rough. Would of easily been a 7% day if I was paying attention, but I did come out with 1%, so I am happy.
Ive been distracted this week so I didn’t trade much. Regardless here are some thought on the 4h chart.
First the arrow indicated a decent but not good pin bar. If I was trading I probably would of took it but I think it would of been risky.
However, the blue box is what I think is an ideal set up. You got three candles. First you got a doji which would make me think, ok lets see what happens. And then you got a hanging man. Typically I dont trade those. And then you get a pin bar with no obvious direction. I don’t think it would of been wise to take a trade off of any individual bar. However, I think you could of gotten away with going short with those three candles even though the pin lacks direction.
Shouldn’t have much movement due to the U.S. Holiday. So will have to wait until London open for any significant moves. I would like to note an interesting point, 1.5820. If you look at the weekly chart, that point has not been broken on the last four attempts. If price does close above 1.5820 then we get to look forward to the fun of 1.6 again. I don’t see it breaking 1.5820 and am expecting a downward movement this week.
It is going to be a very interesting week. I am looking for a decent entry for a long position. Check out the pin bar forming on the Monthly chart. So I am going to try to find a good long entry to ride out. In hindsight there may of been a so so pin on the weekly I could of entered on. We have the daily approaching 236. So ill be looking for a pin on the 4h or daily.
