EURUSD STAIRCASE, SHORT THEN LONG
HERE IS A TRADE SETUP I DISCOVERED A WHILE BACK AND SINCE THEM IT HAS BEEN QUITE SUCCESSFUL, I CALL IT STAIRCASE BECAUSE OF THE SHAPE OF THE CHART.
BASICALLY, LOOK FOR A 23.6 RETRACEMENT, THEN AN EXPANSION TO 76.8, AND A RALLY BACK TO THE 23.6 REGION. USUALLY THIS TRADE WORKS GREAT WHEN THERE IS NO FUNDAMENTALS ANTICIPATING SO I'M CONFIDENT IT WILL WORK. THE TRADE WILL MAKE A U-SHAPED MOVEMENT WHEN IT GETS TO THE 76.8 SO IT WILL SPEND SOME TIME IN THAT PRICE REGION.
HOWEVER, THE CHART CURRENTLY RESEMBLES A HEAD AND SHOULDER PATTERN WHICH MEANS A PULL BACK AT 1.0795. - 1.0938. I'M NOT SUPPORTIVE OF THIS OPTION BECAUSE THE TREND SHORT IS REALLY STRONG, SO A SHARP RETRACEMENT DOESN'T LOOK POSSIBLE. TO BE ON THE SAFE SIDE, WAIT FOR A CLOSE BELOW 1.0795 THEN SELL TO 1.0740. BUY AT THAT PRICE WITH LIMIT AT 1.0860.
ALL THE BEST, CHEERS!!
BASICALLY, LOOK FOR A 23.6 RETRACEMENT, THEN AN EXPANSION TO 76.8, AND A RALLY BACK TO THE 23.6 REGION. USUALLY THIS TRADE WORKS GREAT WHEN THERE IS NO FUNDAMENTALS ANTICIPATING SO I'M CONFIDENT IT WILL WORK. THE TRADE WILL MAKE A U-SHAPED MOVEMENT WHEN IT GETS TO THE 76.8 SO IT WILL SPEND SOME TIME IN THAT PRICE REGION.
HOWEVER, THE CHART CURRENTLY RESEMBLES A HEAD AND SHOULDER PATTERN WHICH MEANS A PULL BACK AT 1.0795. - 1.0938. I'M NOT SUPPORTIVE OF THIS OPTION BECAUSE THE TREND SHORT IS REALLY STRONG, SO A SHARP RETRACEMENT DOESN'T LOOK POSSIBLE. TO BE ON THE SAFE SIDE, WAIT FOR A CLOSE BELOW 1.0795 THEN SELL TO 1.0740. BUY AT THAT PRICE WITH LIMIT AT 1.0860.
ALL THE BEST, CHEERS!!
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