Tools used: 100 SMA (RED), 200 SMA (BLUE), Stochastic (14,3,3)
Trade Rationale:
-falling channel resistance, good reward-risk ratio, overbought Stochastic
-I expect the euro to drop over the next couple of days. Traders will soon realize that Italy’s downgrade and China’s sub 8% growth is actually bad for global economic growth. I’m considering today’s rally as a mere pullback.
Trade Adjustment:
-Move stop to break even as soon as price is halfway to my PT
Seems reasonable… Is your entry good for Sunday at 5:00 pm As a run thru 1.2250 could let the corrective way begin with two nearby targets Today’s 80 pipi move in less than 30 minutes might suggest that during these thin vol periods a push up could occur. Thanks for the idea .
I like your idea but you forget to mention 1 thing:
Friday’s pull back has turned ascending trend line resistance into support.
Hourly and 4 hour MACD pointing up, still big bullish divergence on the daily, 4 hr looks super bullish.
I’ll try to attach a chart.
My idea is to reach the resistance @ 1.2333 and go short from there.
If we break 1.2333, then bulls are on.
Hay Justin Pipper,
Im too waiting too short EurUsd. But im thinking a little different from you. Though the EUR/USD market overall downtrend but we see that last week it found support at 1.2164 area. Last daily candle show that this retracing would push up the price some more.
Now i like to zoom out the frame daily to 1hr. On the chart its shown that the price break the falling trend line clearly. Its indicate that price could continues to retrace some more higher.
Ah_Ahaaa!!! Ist not Bullish Pennant chart pattern shown on 1hr that we learn from Babypips School? I think so…If this is perfect Bullish Pennant format then we can expect the price could move up 1.2300 area; which is also “00” psychological resistance level.