Euro / U.S. DollarUpdated EURUSD Trading Plan
On Daily TF, a bearish engulfing candle occur. A Double Top occurred as well. Please refer to the chart below
Technically, mid-term I am EURUSD biased. Intraday there will be ebbs and flows that are tradeable, both ways. On Friday price had a waterfall move that exceeded the EURUSD daily range (70 pips). By default, I will always turn my short-term bias into a "retracement mode", hence I am looking a test on the potential daily pivot for Monday where I will look for a bearish engulfing candle so I can short it.
(Purple thick arrow) : I am not ruling out upon Australian open/Tokyo open, the EURUSD short continues and perhaps test further low. When that happens, I will still wait for a pullback and perhaps a test on the weekly pivot and wait for a reaction there (look red arrow)
(Green arrow) : another potential that could happen is a full retracement and paring the EURUSD losses OR at least 68-80% of the Friday move. Unless it is backed by news or obvious sentiment, I will probably ignore this move and wait for a bearish continuation signal. A retest on Friday's high would be awesome too. If theres a breakout from it then my bearish plans would be invalidated
Technically, mid-term I am EURUSD biased. Intraday there will be ebbs and flows that are tradeable, both ways. On Friday price had a waterfall move that exceeded the EURUSD daily range (70 pips). By default, I will always turn my short-term bias into a "retracement mode", hence I am looking a test on the potential daily pivot for Monday where I will look for a bearish engulfing candle so I can short it.
(Purple thick arrow) : I am not ruling out upon Australian open/Tokyo open, the EURUSD short continues and perhaps test further low. When that happens, I will still wait for a pullback and perhaps a test on the weekly pivot and wait for a reaction there (look red arrow)
(Green arrow) : another potential that could happen is a full retracement and paring the EURUSD losses OR at least 68-80% of the Friday move. Unless it is backed by news or obvious sentiment, I will probably ignore this move and wait for a bearish continuation signal. A retest on Friday's high would be awesome too. If theres a breakout from it then my bearish plans would be invalidated
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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.