EURUSD Trade Setup
EURUSD Trade Setup
by: Colibri Trader
Hello everyone,
Last trade setup was EURUSD, as well. I was looking for a possible reversal or a small retracement and then continuation of the uptrend.
What happened since I wrote the daily analysis article was EURUSD going lower to the level of 1.1860. As I was expecting, that is exactly where the price retraced back to.
What’s next???
EURUSD Trade Setup
I am looking at the daily chart of EURUSD. I am seeing more bearish patterns. My mood is still cautious, since we are in a major uptrend.
The daily candle is a bearish rejection, engulfing the previous candle. This is a bearish indicator.
The 4Hour chart is showing more bearish signs. Have a look at the 4 hour chart below:
I am seeing a possible small retracement towards 1.1900. Then, if price action confirms my bearish expectations, I might take a small short position. My primary target would be 1.1700.
For the time being, there is a bearish rejection pinbar as indicated on the 4H chart. The bearish move started with an inside bar, as shown on the chart, as well.
Happy Trading,
Colibri Trader
p.s.
If you want to refresh your candlestick knowledge, you can re-visit my recent article on candlesticks and download the free e-book with candlestick patterns.
If you have any questions, please do not hesitate to ask me on: admin@colibritrader.com
Colibri ,
Can this been seen as a potential Cup and Handle formation on the EUR/USD which could actually be a bullish formation . Not able to post the chart here .
Hi Anil,
Not really, because a cup and a handle would have formed near a support level and we are close to a resistance level
Hi Anil,
I used to see chart patterns as potential formation of something like head and shoulder pattern etc.
After taking colibri trader’s course, it helps me a lot for not thinking about ‘potential’ (or having expectation).
His method can help traders to grow exponentially (it’s just me who don’t have the gut to grow exponentially, not his method).
Just sharing with you on my experience
-Harry
Thanks for the nice words Harry! My biggest reward is helping others- at least I try