I have a nice pattern here
If it turns out, I have a long position for later
Waiting to see if it turns all to green first :-)
If it turns out, I have a long position for later
Waiting to see if it turns all to green first :-)
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Good to know is that the price may fall to the stronger line to completely make this bat pattern valid. Although there's always some tolerance and from here we can consider this place to be already valid. For trading this from this point I should wait until the price hit touches the strong level. But since it may just turn before it touches this line I will probably enter long after a clear break if my indicators are indicating that price may continue to move up. Also my risk/reward is just a suggestion in the long term but I do not want to trade for such a long time. I will eventually exit on the first bearish sign.
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When I say that the price may hit or touche the strong line I mean that it may just touch and reverse from there or it may hit and make a pin bar going maybe deeper somewhere inside of the box before closing again above this strong line. I found this box during the last weeks and I supposed the price to go there sooner or later. But the market is always moving as it wants and when I saw this strong line's I could say that this is also the first place where the market will react. Now if the price just continue it's way below this box then we know that not only the pattern is invalid but the whole market is going more down. Then I will look to 1.0500 levels and even below as final target. But I think there will be a correction to the upside somewhere here. Even if the euro is falling down again after this.
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If we see this price going up to the teal line I will make an update for the trade. Which will be long or maybe short if the trend turns.
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The euro inflation results are bad. Looking to these results we must see the price go above 1.1122 and hold above it at least on the daily timeframe to consider that the price will continue to rise. If not, we will see the price retrace to the strong red support and maybe below. I don't see the euro fall extrêmely deep, at least not this week. The different picture is long. All indications and even economically talking we will see the euro fight back at least for a while and the global movements and decisions in the higher spheres will determine if this movement can continue.
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"If" the price falls back (not sure). In this case we can see something like this. But if the sentiment is strong this will not happen.
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Cypher pattern spotted on 15M - 30M - 1H
Giao dịch đang hoạt động:
Based on stochastics, patterns and last movements. This is the first trade long. After this I will watch for a break above the teal line as explained before.
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Trade was closed at TP1
