R2R-James

long or short? overall Im bearish but have reason to look long.

FX:EURUSD   Euro / U.S. Dollar
On the weekly, monthly and even the daily Eur usd has broken out of my large structure but not really with much conviction. Looking at the latest pattern we have it looks as if the bulls may be trying to push this back up. For me 1.13000 is a big level that has recently been broken, 1.12750 - 1.13000 is some real support and resistance zone looking left on the chart so price currently is in an area where i wouldn't trade it just yet. Had 2 previous bullish candles on the 4hr with a wick almost the size of the body of the candle on the last so for me we do still have the bears there trying to really push this thing down. The RSI is currently giving us some bullish divergence which is a strong indication price will rise and i can see 1.13500 being a decent level to look for. With all that president trump is doing currently we shall look to see how this reacts with the markets and if we can capitalize on the move we will and as an overall larger move the markets making lower lows and lower highs so next week will be an interesting week.
Probability seems better for the south from my analysis
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We are short on this pairing, we updated a chart on it earlier today 👌
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R2R-James Apex_Gregg
@Apex_Gregg, I'll take a look in a bit on what you think on this one... certainly an interesting one and certainly at an interesting level. I can understand the short on it for sure and im more leaning to the short side but still cant ignore the fact there are a few factors in which this may rise. Overall though on the higher time frames its a huge sell really. What sort of stops have you got set on the short if you dont mind me asking ?
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Apex_Gregg R2R-James
@R2R-James, We always keep tight stops as we believe in our setups, and if it hits SL then so be it, its all about good risk management. So about a 20-30 pip SL.
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