I am currently looking for a short trade on Eurusd because we are currently in a bearish trend all the way from the January 2021.
The market is currently coming down to retest the level of support 1.17144, once we can break and close below this level of support id like to see price continue down all the way to the supported (highlighted by the grey block) found first on the 25th of September and then again on the 3rd of September 2020. once we can close in to that range it is going to be a 117 pip range with possible stop about 88 pips away. This seems a bit excessive however you can start to manage your risk once you are in a draw down or focus on grabbing quicker trades 10 to 20 pips with tighter stops.
The market is currently coming down to retest the level of support 1.17144, once we can break and close below this level of support id like to see price continue down all the way to the supported (highlighted by the grey block) found first on the 25th of September and then again on the 3rd of September 2020. once we can close in to that range it is going to be a 117 pip range with possible stop about 88 pips away. This seems a bit excessive however you can start to manage your risk once you are in a draw down or focus on grabbing quicker trades 10 to 20 pips with tighter stops.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.