EURUSD ANALYSIS - LONG
It seems that an opportunity to trade wave 5 of the Minute Period, is in sight?
I've booked 1x position to activate once the price action hits the 0.780 Fibonacci, with a relative risk to reward ratio.
I'll also wait for a lower period (possible sub-minute or sub-minuette) to provide me a trigger for entry, maybe on the 15M. This strategy is also backed up by the fact that the price action has been within the 4H and daily channel for many months, consolidating. I'd expect it to hit the top of the channel on a minor period time frame.
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(Note that if the price point does not reach the boxed/fibo area, the trade will not be activated.)
I don't provide a signaling service or suggest you trade these trades with me, I'm just sharing my ideas and hope that people may benefit from these ideas in some way. I've added a checklist to the top of the chart as this is my way of keeping with my trading plan. Please remember the golden rule. 'When in doubt - stay out'.
It seems that an opportunity to trade wave 5 of the Minute Period, is in sight?
I've booked 1x position to activate once the price action hits the 0.780 Fibonacci, with a relative risk to reward ratio.
I'll also wait for a lower period (possible sub-minute or sub-minuette) to provide me a trigger for entry, maybe on the 15M. This strategy is also backed up by the fact that the price action has been within the 4H and daily channel for many months, consolidating. I'd expect it to hit the top of the channel on a minor period time frame.
------------------------------------------------------------------------------------------------------------------------------------------------------------
(Note that if the price point does not reach the boxed/fibo area, the trade will not be activated.)
I don't provide a signaling service or suggest you trade these trades with me, I'm just sharing my ideas and hope that people may benefit from these ideas in some way. I've added a checklist to the top of the chart as this is my way of keeping with my trading plan. Please remember the golden rule. 'When in doubt - stay out'.
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Can't win em all, however this one was a bad mistake because I made my SL too tight and as you can see, the wave count seems correct because the price action is following my analysis/forecast thus far. I will re-enter this trade after a correction/fibo, however I'll post a new chart shortly.
www.tradingview.com/chart/Zd2pjoku/