Fresh supply zone ahead, possible retracement, short opportunity.
Stuff to remember:
— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further
— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly
— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future
— The strong initial move can contain a few small retracements but not so many that make this move slow and weak
— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run
— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms
— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance
— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
Do not sell EUR.USD blindly. This is the 5th wave and it should be 5-3-5-3-5 structure. There are many reasons predict the price advancement up to 123.80.
Salem4444
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Hi guys, i opened a sell position at 1.7378 last week with target 1.725 but market reversed....and it is now 1.9346.....I need advice please...
@tradewonk,
I'm afraid I will not survive care and fastening above 1.1930, most for long with targets ranging from 1.2060 to 1.2494. Now I want to buy from 1,1882 to 1,1813. But if the price is fixed above 1,1930 by 10:00 - 13:00 Moscow time, I will turn from short to long, with the first goal of 1.2060.
tradewonk
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@exebet, Trade safe. cut your losses fast, don't let one trade ruin your account.
exebet
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@tradewonk,
With a minus of 85 points, drawdown on the account is already minus 15.25%!
The current loss for the long USDCAD 1.2503 (7.5%) and EURUSD short 1.1860 (92.5%)
JayM
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@exebet, stay in your shrt position and take profit at 1.1560.