EURUSD Trading Setup
EURUSD Trading Setup
Today’s trading activity was almost muted during the EU session. The US session brought some more volatility and moved the markets.
Today’s trade, as outlined in my yesterday’s article HERE started reacting exactly as expected. This pretty much book example led to some gains in the NZDUSD pair. I am already around 40 pips in profit, which is a small fraction of what I am aiming for. Let’s stick to what I have outlined in yesterday’s article, so we don’t change the goal.
EURUSD Trading Setup
The trading setup that I am looking at today is the EURUSD pair. There is no clear candlestick formation. The only noticeable formation is a bearish rejection pattern. I am also spotting a minor support that is holding the price above it. I will be happy to see a price confirmation from the price action tomorrow. What I am looking for is a second green candle, which together with today’s one engulfs the bearish candle from the previous trading session. This would be the ideal scenario. One way or another, I will be looking to enter in a long position on a retracement towards 1.0555. My stop-loss would be placed just under 1.0510. My first price target is the level of 1.0620. My secondary price target is 1.0800.
Happy Trading,
Colibri Trader
p.s.
Check out my article on the Seven Steps to Become More Disciplined in Trading
THE SUPPORT ZONE WAS EXCELLENTLY SPOTTED THEN WE HAD THE ENGULFING CANDLE FOLLOWED BY THE RISING THREE PATTERN THEN IT WAS OFF.
I’M STARTING TO SEE WHAT YOUR LOOKING
THANK YOU FOR POSTING
I am glad that you are spotting that. In this case, give me an example of a trade that you are seeing:)
The other clue I noticed wasa that support was formed around the 50% area of that prior pin bar.
Uncanny, but another take of fib level put to good use