EURUSD, Long Opportunity, 1:5 & 1:15
Updated
Goood morning ladies and gents.
EURUSD has broke market structure after an extended run, I'm looking for a reversal based trade here today at the specified entry point on the M5 chart.
Looking to target the two Daily Bearish orderblocks sat above.
Potential reversal downwards off the first bearish block is possible, that'll yield a RR of 1:5.
If it breaks that area, then I'm looking to take it up to the 2nd TP which coincides with another daily bearish orderblock.
The probability of reversal short from that area is extremely high.
EURUSD has broke market structure after an extended run, I'm looking for a reversal based trade here today at the specified entry point on the M5 chart.
Looking to target the two Daily Bearish orderblocks sat above.
Potential reversal downwards off the first bearish block is possible, that'll yield a RR of 1:5.
If it breaks that area, then I'm looking to take it up to the 2nd TP which coincides with another daily bearish orderblock.
The probability of reversal short from that area is extremely high.
Trade active
Entering as a pending order with the same stop loss.Pending order @ 1.17240
Note
Pending order triggered nicely. Deep in profits.Note
Stop moved to breakeven. Extremely bizzare price action, DXY is behaviour is quite odd today.If we get stopped out @ breakeven, we can re-evaluate the market in the morning and look for a re-entry.
Trade active
Stopped out at breakeven, but managed to get a secondary order in as a pending with the same stop loss and take profit.Trade closed: target reached
TP Hit! 1:4.5 ish
Note
There's a possibility that price may go to TP 2 before the continuation down.Let's see what happens today, let the dust settle from NFP, then look closer the following week.
Note
Price will almost certainly come to our TP 2! From there, I'll be posting an idea for a continuation short trade in line with the higher-timeframe bias.
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