EUR/USD retracing towards a 61.8% retrace of the current move up in the 1HR. The 61.8% converges right at the back of the 4hr down trendline. A buy from there would be the following trade:
Buy EUR/USD at: 1.2700
SL: 1.2645
TP: 1.2838
looking at the higher time frame, this would appear to be a sell, i have been wrong before many times, this is just the way i see it
I agree that it could very well be a sell on a higher time frame. But before the bear action starts from the higher time frame the bull action at this lower time frame (that I have postulated) will cause a deeper retracement for that possible sell.
I agree. I had to do some adjusting with this trade and TP’d at 1.2810.