EURUSD Intraday Lower TF Pullback Move
EURUSD:
Price Blasted through 0.9600 during the first part of NY Session officially breaking structure on the 1H TF. Initially I anticipated a reaction somewhere around 0.9630-40 and a lower TF Pullback allowing to re-enter the bullish push with ideal entry at 0.9600. However price went straight to my Target 1 of 0.9750 almost immediately not giving a clear opportunity to re-enter (at least for my style of trading). As it reached my First Target, this is a level I have 4H Supply Zone which hasn't been visited prior, and was anticipating a SELL move to take place from here.
I am currently on a SELL as I believe this to be the 1H Pullback I was waiting for this morning. Based on the Higher TF Price Action I could see the following scenario play out:
Lower TF Downtrend (as a 1H Pullback) possibly down to the 0.9650 Level where we have the 50% of the big Institutional 4H Candle of the 1st half of NY. I would love to see Price back at 0.9600 to re-enter the Higher TF Pullback move up, but know this might be a long shot
I know this could be a low probability setup based on how bullish price has been reacting today, however I accept and manage the risk.
Entry: SELL at 0.9745
Stop: 0.9761
Target 1: 0.9650
Target 2: 0.9590
Note: Please remember this is not trading advice or signals for your trading; Do your Own Analysis and manage your risk responsibly!
Best of luck on your trading.
Let me know your thoughts on what you see EURUSD doing next!
Price Blasted through 0.9600 during the first part of NY Session officially breaking structure on the 1H TF. Initially I anticipated a reaction somewhere around 0.9630-40 and a lower TF Pullback allowing to re-enter the bullish push with ideal entry at 0.9600. However price went straight to my Target 1 of 0.9750 almost immediately not giving a clear opportunity to re-enter (at least for my style of trading). As it reached my First Target, this is a level I have 4H Supply Zone which hasn't been visited prior, and was anticipating a SELL move to take place from here.
I am currently on a SELL as I believe this to be the 1H Pullback I was waiting for this morning. Based on the Higher TF Price Action I could see the following scenario play out:
Lower TF Downtrend (as a 1H Pullback) possibly down to the 0.9650 Level where we have the 50% of the big Institutional 4H Candle of the 1st half of NY. I would love to see Price back at 0.9600 to re-enter the Higher TF Pullback move up, but know this might be a long shot
I know this could be a low probability setup based on how bullish price has been reacting today, however I accept and manage the risk.
Entry: SELL at 0.9745
Stop: 0.9761
Target 1: 0.9650
Target 2: 0.9590
Note: Please remember this is not trading advice or signals for your trading; Do your Own Analysis and manage your risk responsibly!
Best of luck on your trading.
Let me know your thoughts on what you see EURUSD doing next!
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