This is the EURUSD 1H chart showing a potential bullish setup. Here’s a breakdown of your market structure and what you can do:
Observations:
1. Trendline Support: Price is respecting a daily trendline, which shows potential for upward continuation.
2. Order Block: Price has tapped into a clear order block zone, indicating institutional interest and potential for a reversal.
3. BOS (Break of Structure) & CHoCH (Change of Character): Previous BOS confirms downward movement, but recent CHoCH suggests a possible shift to bullish momentum.
4. Bullish Projection: Your markup shows a forecasted bullish leg with a minor pullback before continuation.
What to do:
- Entry: Wait for a confirmation candle (bullish engulfing or strong rejection wick) within or just above the order block to go long.
- Stop Loss: Place it just below the order block or trendline for safety.
- Take Profit: You can scale out at recent highs or follow price using trailing stops. Consider targeting previous supply zones for partial exits.
Observations:
1. Trendline Support: Price is respecting a daily trendline, which shows potential for upward continuation.
2. Order Block: Price has tapped into a clear order block zone, indicating institutional interest and potential for a reversal.
3. BOS (Break of Structure) & CHoCH (Change of Character): Previous BOS confirms downward movement, but recent CHoCH suggests a possible shift to bullish momentum.
4. Bullish Projection: Your markup shows a forecasted bullish leg with a minor pullback before continuation.
What to do:
- Entry: Wait for a confirmation candle (bullish engulfing or strong rejection wick) within or just above the order block to go long.
- Stop Loss: Place it just below the order block or trendline for safety.
- Take Profit: You can scale out at recent highs or follow price using trailing stops. Consider targeting previous supply zones for partial exits.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.