New Trade oppotunity
EUR/USD - Day Chart (Short)
Hello all, hope you had a good week end. This evening as I am looking through the day charts I see an opportunity that I missed on Friday. Fortunately there was still time to get my trade set.
The chart below shows a daily chart of EUR/USD, with a clear down trend. Over the last few weeks price has become more volatile and retraced up to the 61.8% Fib level. This area aligns nicely with the last swing low that was broken and thus makes a good "logical" resistance area. After an exhaustion bar moving up and touching the 78.6% Fib level price has consolidated and contracted, creating two inner bars. I have placed a sell order below the low of the initial inner bar and the stop above the top of the exhaustion bar. I have placed a limit of 278 pips which places the limit below the current swing low and the low for the last 23 months. (May have to keep my fingers crossed on this trade).
Again the probability to this TP level is 76% so we'll just wait and see.
EUR/USD - Day Chart (Short)
Hello all, hope you had a good week end. This evening as I am looking through the day charts I see an opportunity that I missed on Friday. Fortunately there was still time to get my trade set.
The chart below shows a daily chart of EUR/USD, with a clear down trend. Over the last few weeks price has become more volatile and retraced up to the 61.8% Fib level. This area aligns nicely with the last swing low that was broken and thus makes a good "logical" resistance area. After an exhaustion bar moving up and touching the 78.6% Fib level price has consolidated and contracted, creating two inner bars. I have placed a sell order below the low of the initial inner bar and the stop above the top of the exhaustion bar. I have placed a limit of 278 pips which places the limit below the current swing low and the low for the last 23 months. (May have to keep my fingers crossed on this trade).
Again the probability to this TP level is 76% so we'll just wait and see.