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Sunday, May 02, 2021

EURUSD (1Hour): Patiently waiting for the sells!!!

EURUSD (1Hour): Patiently waiting for the sells!!!


Hello traders, here's my view on EURUSD for the week, enjoy.

Reward: 220 pipsπŸ€‘
Risk: 26.5 pips❌
Risk/Reward Ratio: 8.54✅

Chart Breakdown:πŸ“‰πŸ“ˆ

  • Daily: We have an uptrend in place but we also have a sell setup in place from a downward trendline which is at a 0.718 Fibonacci retracement , therefore we are bearish on this timeframe despite the uptrend.
  • 4 Hour: We have a 3rd touch sell setup on a downward trendline from the 4H timeframe. The trend is currently up but price action is currently approaching the previous higher-low to form a change in trend.
  • 1 Hour: We have a downtrend in place as price intersected the previous higher-low. Price also broke below the upward trendline and I'm anticipating a re-test of the upward trendline + resistance.

Entry Reasons
Entry will become validated if:
✔Break and re-test of upward trendline
✔Re-test of support which will potentially become resistance
✔Bearish Reversal candlestick pattern to confirm sells

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