I have entered a short position on EURUSD.
My thinking is it will continue to be bearish in the shorter term to reach the lower side of the bullish channel. I think it will break and then retest the support / resistance at 1.21140 then reach the bottom of the channel somewhere around 1.19230.
Given the lower channel trend line is in a similar area to the support I think when it hits this area it will turn bullish to remain in the channel and ultimately remain bullish.
My entry is 1.211440, I have sent my SL at the point of the latest high plus room for movement which I have used the ATR SMR 20 given me a SL of 1.21904. I have then set TP 1.19491 which is playing it safe above the lower trend line / resistance.
Lt me know what you think
My thinking is it will continue to be bearish in the shorter term to reach the lower side of the bullish channel. I think it will break and then retest the support / resistance at 1.21140 then reach the bottom of the channel somewhere around 1.19230.
Given the lower channel trend line is in a similar area to the support I think when it hits this area it will turn bullish to remain in the channel and ultimately remain bullish.
My entry is 1.211440, I have sent my SL at the point of the latest high plus room for movement which I have used the ATR SMR 20 given me a SL of 1.21904. I have then set TP 1.19491 which is playing it safe above the lower trend line / resistance.
Lt me know what you think
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Forgot to add this idea gives me a little over 2:1 profit / loss