EURUSD Short with 3 Listed Confluences (Naked Chart)

Confluence:
1: Price Broke out and closed below previous weeks low on the daily time frame.
2: Trendline breakout out and close on daily time frame.
3: Price failed to break a significant Lower high on the daily time frame. creating double top pattern.

Entry:
Wait for price to test the area around the high of the current week which should take place later in the week, creating a lower high before continuing to the target of 1.18815 early next week

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Comment: Price has reach the critical level which us the high of the current week. Its still too early to enter because if you look at the way the previous daily has closed, it shows there still buying pressure in the pair. It is best to wait to see how the current daily candle will close before entering.

Bình luận:

Trade entry was around 1.20600 region. I will be looking to close profits next week Monday afternoon just before the start of the US Session or when the target is reached. (whichever comes first). This is due to next week being a new trading week with new price action forming and new fundamentals driving the direction of the market. Keep in mind tomorrow is the first Friday of the month with NFP data being released. This could cause significant volatility and result in trades being stopping out. Price stability should return towards the middle of next week .

Bình luận:

Pair seems to gaining momentum. Will be holding until T.P is hit or early next week.

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EURUSD is moving nicely. After looking at how the weekly chart might close this week, we might see some extreme volatility in the coming weeks. The EUR is looking variable across the broad.

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The trade is a few pips away from take profit. I will be looking to close this trade during the London open but before USA open as we might see some profit taking, resulting in a bullish reversal for the next few days.

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Target reached! On to the new week and new trades