Since beginning of week, EUR has shown strong bearish behavior. Is it a correction before coming back up or continuation of monthly downtrend, that is the question...
Daily TF shows a break of TDI but still inside PAC. Also 4H TF have not much room left to the downside, so next candles should be green, hopefully few of them.
Anyway I took this trade with a large SL, in regards to other trades that hit SL.
Daily TF shows a break of TDI but still inside PAC. Also 4H TF have not much room left to the downside, so next candles should be green, hopefully few of them.
Anyway I took this trade with a large SL, in regards to other trades that hit SL.
Note
Indicators are still good for this trade, especially the 4H one that fall below the 50 RSI. Let's see how strong is the correction but I have some confidence that we'll get to 0.5 fib.Note
This is not the trade of the year, but we'll try to take out the maximum of it!Weekly is clearly bullish, but this behavior should lead to some consolidation candle for next week with long wick and little body. That mean we could -maybe- achieve some lower low during next week.
The daily is flattening just under the MA and above 50 so that's mixed intention.
And finally 4H is very bullish but could end its run on the red line.
So basically if 4H breaks up PAC and BB on TDI, we are doomed for this trade!
If not, we could get our TP1 around 1.08.
Note
Sorry wrong picture for last comments :Note
Tomorrow will be the deciding day if we close in advance or let it run...The daily fast TDI will either breakthrough or bounce to get lower.
On 4H, we are maybe topping a bit.
Trade closed: stop reached
SL hit also on this pair. Could have closed it a bit before as TDI was reversing 50 RSI. Bad day for my EUR trade.
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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.