Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
EURUSD had been making impulsive moves to the downside and as we see, the daily retracement candles had been getting exhausted. Retracement at D1 to structural resistance of at least 38.2% Fibonacci had about completed.
Entry rule: 4H chart should confirm that the bullish retrace had turned the bearish with MACD below zero and the price goes below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
Potential profit target at1.7599 or the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
EURUSD had been making impulsive moves to the downside and as we see, the daily retracement candles had been getting exhausted. Retracement at D1 to structural resistance of at least 38.2% Fibonacci had about completed.
Entry rule: 4H chart should confirm that the bullish retrace had turned the bearish with MACD below zero and the price goes below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
Potential profit target at1.7599 or the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction