EURUSD : MULTIPLE INSIDE BAR PATTERN FAKE OUT!
Updated
EURUSD:
Multiple inside bar fake out pattern had formed last night after the market retraced to the 50% level of the recent swing lower + the Setup formed was just under the 1.1105 near-term resistance level.
Overall trend is bearish and price has clued up to resume its trend and test the recent lows at 1.0924 as the fake out bar (Pin bar) has strongly rejected the higher prices (strong rejection of the 50% retrace level of the recent daily swing + strong rejection of the 1.1075 - 1.1105 minor resistance level has been seen at last night's close.
Let's check out the factors of confluence we have on this trade idea :
1. Daily dominant bearish trend.
2. Multiple inside bar fake out Setup
3. Setup formed at the 50% retrace level of the recent daily swing lower.
4. daily 50% retrace level also intersects with the 1.1075 minor resistance level.
So, as we know now that we are trading this one with the daily dominant trend and we do have an absolute stop placement available ( above high of the pin bar) and there is room available for at least 1:2 R:R
Below given are our entry details :
Entry taken @ 1.1065
Stop placed @ 1.1105
Profit target @ 1.0985
R:R = 1:2
TRADE IS ACTIVE
Even the best setup can end up a loser , so please MANAGE RISK PROPERLY
Happy Trading!
Multiple inside bar fake out pattern had formed last night after the market retraced to the 50% level of the recent swing lower + the Setup formed was just under the 1.1105 near-term resistance level.
Overall trend is bearish and price has clued up to resume its trend and test the recent lows at 1.0924 as the fake out bar (Pin bar) has strongly rejected the higher prices (strong rejection of the 50% retrace level of the recent daily swing + strong rejection of the 1.1075 - 1.1105 minor resistance level has been seen at last night's close.
Let's check out the factors of confluence we have on this trade idea :
1. Daily dominant bearish trend.
2. Multiple inside bar fake out Setup
3. Setup formed at the 50% retrace level of the recent daily swing lower.
4. daily 50% retrace level also intersects with the 1.1075 minor resistance level.
So, as we know now that we are trading this one with the daily dominant trend and we do have an absolute stop placement available ( above high of the pin bar) and there is room available for at least 1:2 R:R
Below given are our entry details :
Entry taken @ 1.1065
Stop placed @ 1.1105
Profit target @ 1.0985
R:R = 1:2
TRADE IS ACTIVE
Even the best setup can end up a loser , so please MANAGE RISK PROPERLY
Happy Trading!
Note
New take profit target @ 1.0992 This is just above the recent low. Still we will be out with almost 1:2
Trade closed: target reached
Out with +73 Pips @ 1.0992
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