EUR/USD Long

#1

New kid on the block. Thought I’d share a setup I found on EUR/USD. I tend to use SMAs a lot on my trading to determine bias… Take a look!

eurusd.jpg700×309 20 KB

EUR/USD, 1 Hour
Entry: 1.2830
Stop Loss: 1.2790
Profit Target: 1.2900
Indicators: 100SMA (PINK) 200SMA (WHITE)
Trade Rationale:

I’m a technical trader (for now) and I mostly look at Fibs and the 100/200 SMAs. In this case, there seems to be a confluence of buy signals around the 1.2830 level, assuming price pulls back there. The level is a former resistance and it lines up with the 200 SMA.

#2

I’m on board with the idea. I trade off the daily, and gave a limit order to buy at the high of yesterday’s candle.

Let’s make some pips.

#3

Let us.

Hopefully, I get triggered too.

#4

Looks like you got your victory. I’m still long. Got in later than you.

#5

Drop in an MA1000 and see what you think. Couple of days ago I already expected it to rise to 1.29. It will retract, at what time it will be unfolded whether it will go up or down. But it is too soon to say yet.

But on Tuesday there will be news about Greece, which i suspect is good news for the Euro. So, I am on your side, but I think to it is a bit too soon to say it will continue up. I would bet a retraction to 1.2780 and when breaching 1.275 the odds are bigger that it will continue current trend. When it bounces of 1.278 and breach last high, I consider it a trendbreach after which it will go up.

Anyway, we will see what the future brings. By the way, I am not a fibo trader but it looks a bit odd to me that you fibo just a leg instead of the previous ralley. Never hurts to double check if i is entered correctly.