EURUSD Long Trade Open:
M5 Scout entry. We have bullish PA waves here. And price is below the whole number, which could be a PVSRA indication of bulls. As with some other pairs, due to the releases coming today, anything can happen. But over the past six days this has had a bear swing down of about 400 pips and price is below RWL, so maybe things are setting up for a bull retrace to get the price higher again for the bears, so shorting can resume later. After all, after 400 pips down, no doubt the MMs will be wanting to close shorts for profits. That buying to close could start the bull retrace. And as the market joins in to give the drive up momentum, the MMs could take advantage once their shorts are closed, by starting a new round of shorting as incoming buyers continue the price upwards. Well, we can never know how the MMs will move price. No TP/SL at this time.
M5 Scout entry. We have bullish PA waves here. And price is below the whole number, which could be a PVSRA indication of bulls. As with some other pairs, due to the releases coming today, anything can happen. But over the past six days this has had a bear swing down of about 400 pips and price is below RWL, so maybe things are setting up for a bull retrace to get the price higher again for the bears, so shorting can resume later. After all, after 400 pips down, no doubt the MMs will be wanting to close shorts for profits. That buying to close could start the bull retrace. And as the market joins in to give the drive up momentum, the MMs could take advantage once their shorts are closed, by starting a new round of shorting as incoming buyers continue the price upwards. Well, we can never know how the MMs will move price. No TP/SL at this time.