EURUSD - Higher Highs in Consolidation @ Weekly Support

13 gru 2021

*** Trade at your own risk! ***
*** Not every idea is also traded by us ***

Hi Traders!

The idea of the market is that the Downtrend has turned to a Range.
Because the continuation of the Downtrend often happens at the weekly Trendline,
the market pulls back towards the weekly TL.

Let's check the little MTFA components out which led to this idea:


Weekly Stage:
- Price at weekly Support
- Normally Trend Continuation when weekly TL arrives
--> In this case is the weekly TL far away, that's why we don't have to resist against this problem
--> It's even the other way round: Price/Bears now has/have a target to wait before Downtrend continuation


Daily Stage:
- (just marking daily Support and Resistance)


H4 Stage:
- Market made higher Highs in Downtrend
- Downtrend turned to Range, where we have higher Highs
- Bullish movements a bit stronger than bearish movements


Possible Entry Scenario:
- Wait for the last fractal Top to break
- Wait for Retest
- Trade at Retest
- SL below last low
- TP at the Fib' Golden Zone + weekly TL


If you have any questions or another POV, feel free to comment!



Thanks and successful Trading :)!