Following up on my last post on EURUSD, where i outline the breakout below the confluence of technical levels around 1.1650-1.1680 area. The price is pulling back towards that area.
An interesting short setup may be at hand on EURUSD 4H.. waiting for price to push into the pink zone, what I call my Area of Interest. This basically means an area where I look for the final confirmation of the trade. Important: for me, it's not an area to short immediately. It's a confluence area where I watch for the last confirmation trigger. Without the trigger, I'm not trading it.
Going back to the chart. price sold off in a sharp bearish wave from the 1.18 down to 1.1608 and now trying to recover back into the Area of Interest.
Why i am looking for a short trade:
Now, I am looking for a rejection somewhere between 1.1650-1.1680 before going short.
First target the recent low at 1.1608 areas. Second target at the 1.618 extension of the latest main bullish wave A-B, at 1.1568
If price breaks and closes back above the 200-days SMA above 1.1682 with strength I drop the idea.. would tell me the move down was just a deeper pullback and not the start of a new leg lower.
If i get actual trade trigger i will try to post it next. Lets see how the setup progress. The above are my own personal observations and conclusions, always remember that even the cleanest looking setups fail sometimes.
An interesting short setup may be at hand on EURUSD 4H.. waiting for price to push into the pink zone, what I call my Area of Interest. This basically means an area where I look for the final confirmation of the trade. Important: for me, it's not an area to short immediately. It's a confluence area where I watch for the last confirmation trigger. Without the trigger, I'm not trading it.
Going back to the chart. price sold off in a sharp bearish wave from the 1.18 down to 1.1608 and now trying to recover back into the Area of Interest.
Why i am looking for a short trade:
- 200 days and 50 days SMAs plotted on the 4H at 1.16820, basically around the same area.
- Horizontal band 1.1650–1.1682 was support before the break.. now flipped to a potential resistance.
- Price testing the 50-days SMA right now at 1.1647, needs a clean reclaim before any push higher maybe towards the 200-days and the 38.6 Fibonacci level for the whole wave (B-C).
- The drop into the low was impulsive, the bounce so far looks corrective.
Now, I am looking for a rejection somewhere between 1.1650-1.1680 before going short.
First target the recent low at 1.1608 areas. Second target at the 1.618 extension of the latest main bullish wave A-B, at 1.1568
If price breaks and closes back above the 200-days SMA above 1.1682 with strength I drop the idea.. would tell me the move down was just a deeper pullback and not the start of a new leg lower.
If i get actual trade trigger i will try to post it next. Lets see how the setup progress. The above are my own personal observations and conclusions, always remember that even the cleanest looking setups fail sometimes.
トレード稼働中
First target done. 
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