EURUSD Long H4
EURUSD has just reversed off its long term low, and I anticipate a retracement to at least the 382 in the first instance.
As per alicoolzero's idea, its possible this could go to a longer term long position but I am just targeting the 382 initially given the medium term down trend.
Targeting just below the 382 and SL below the previous reversal long term low for a R:R of 1.26.
The long term low is also S1 so the reversal candle gives a good indiciation of an upward trend for the next period. RSI is also oversold.
As per alicoolzero's idea, its possible this could go to a longer term long position but I am just targeting the 382 initially given the medium term down trend.
Targeting just below the 382 and SL below the previous reversal long term low for a R:R of 1.26.
The long term low is also S1 so the reversal candle gives a good indiciation of an upward trend for the next period. RSI is also oversold.
Note
Seeing bullish divergence on the RSI so still expecting this to hit the 382. Comfortable with the TP level at present.Note
A few other ideas about a short on this pair. medium term I agree but I dont think the retracement has completed yet so wouldnt be entering a short.Reasons:
M30 seeing a rejection of EMA50 as support so expect some bounce back off here.
RSI is still bullish (just).
Move towards 382 fib would see a double top. This would be a clear sign of a short position.
Happy to continue targeting the 382 for the moment, now would be a good opportunity to get into a "scalping" long position towards this level in my opinion.
Trade closed: stop reached
Unfortunately the TP was set just slightly high on this one, and due to other commitments I let this run to take the SL. Right trade, wrong SL.
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