Hi all.
I have done some analysis on EUR/USD this morning 05:45 and would like your thinking and critique. I have liekly misread, got wrong some of the analysis and would appreciate those misreads being highlighted! Thank you all!
EUR/USD 7th July 2023 05:45 BST
Bear or Bull
D1 check : Continuation after fall(Bearish over long term)
H4 check : Continuation pattern (unclear)
H1 check : Continuation pattern
Moving Average(AMA 55)
D1 check : Trading below
H4 check : Trading below
H1 check : Trading above
Relative Strength Index(RSI 55)
D1 check : 48
H4 check: 45.98
H1 check:50.23
H1(RSI 14) check : 54.48
Bearish Pennant(D1)
Bearish pennant signalling price will continue to after market takes a breather.
Bearish rectangle (H4)
Holding pattern bearish rectangle
Support & Resistance(D1)
Support level is holding over the past 8 days
Sharp fall and climb pattern(H1)
Consistent climb and fall, expect a fall before big climb following pattern
Fibonacci Retracement(D1)
Pull back end of february pushes beyond 50 and 61.8, Fibonacci suggests holding pattern and then price will climb?? I dont think my use of this is correct as I am not sure if its relevant in this pattern?
Candlestick patterns
Doji and Spinning top candlesticks(D1)
Doji and spinning tops over the past 4 days suggests bearish market is loosing control and market is continuation
*Inverse Hammer 2 suggests bull incoming(H4)
Inverse hammer *2 suggests bull incoming
*Inverse Hammer 2 suggests bull incoming(H1)
Inverse hammers * 2 suggests market will swing up
Conclusion:
Continuation patterns. Bearish pennant and bearish rectangle suggests price will continue to fall over longer term.
Sharp fall and climb pattern suggests another downturn incoming.
Short term inverse hammers suggest pair will increase in value.
Short term climb followed by longer term fall or continuation.
I placed 2 trades, a very short term buy order and a longer term sell order:
Take profit: 1.07148
Stop loss: 1.07116
Buy price: 1.07141
This closed at the TP level. 
Given evidence, I see price falling over short and middle term.
Take profit: 1.07015
Stop loss: 1.07240
Sell price: 1.07144
This is currently open, again, I am not happy with my RRR, my Stop Loss feels too high at 9 pips, whereas take profit at 12 pips…but I feel the need to allow my trade to breath…advice. I am finding it hard to be strict at the 1:3 RRR. I think that is because I am placing my trades early at 06:20 BST due to ability to work at this time hence the need for ‘breathing’ space.
Please critique, all feedback is very welcome.