$EURUSD - Daily Bias Long - Waiting on Pullback 1.7835 (SMT)
SMT = Smart Money Theory
After looking at this from multiple time frames, price action needs to have a daily bias and after today it seems to have turned from the sell to a buy bias. Price seeks previous highs and lows to break and now we have multiple highs in succession and it is close to those highs. However, there needs to be a pull back before moving forward. So I pulled a fib from the most recent explosive movement to the most recent and daily high. The 62% retracement seems to lay right on top of the 4 hour chart Order Block. That price is at 1.17833 (Smart money we'll round up to 1.17835 or 1.17850) for an entry which is also the 62% retracement level. Cha-ching!
(4HR CHART - BULLISH ORDER BLOCK)
I think it's also safe to assume that it could get as low as 1.17110 it (near the 79% retracement level) because that is the low of the previous Asian Session as well as a previous Daily High and a Daily Low. It shouldn't get below 1.17585. however I would personally place my stop loss 10 pips below that (1.17585 is what is pictured) Once it hits the 4 hour bullish order block it should push higher and try to reach for each of the previous daily highs. If I need to hold over the weekend, I will.
Looking at the dollar it looks as if it will push higher breaking highs, then hitting an order block before pushing lower which would cause the exact opposite reaction in EU which is what is proposed.
(DOLLAR CHART)
I've tried to look at this as if it would sell and I can't make sense out of it so that's why I believe this is likely to happen.
And as I always make a disclaimer, I COULD BE COMPLETELY WRONG. What do I know? I'm just some dude that likes to post his ideas.
Good Luck and Good Trading!
EURUSD
After looking at this from multiple time frames, price action needs to have a daily bias and after today it seems to have turned from the sell to a buy bias. Price seeks previous highs and lows to break and now we have multiple highs in succession and it is close to those highs. However, there needs to be a pull back before moving forward. So I pulled a fib from the most recent explosive movement to the most recent and daily high. The 62% retracement seems to lay right on top of the 4 hour chart Order Block. That price is at 1.17833 (Smart money we'll round up to 1.17835 or 1.17850) for an entry which is also the 62% retracement level. Cha-ching!
(4HR CHART - BULLISH ORDER BLOCK)
I think it's also safe to assume that it could get as low as 1.17110 it (near the 79% retracement level) because that is the low of the previous Asian Session as well as a previous Daily High and a Daily Low. It shouldn't get below 1.17585. however I would personally place my stop loss 10 pips below that (1.17585 is what is pictured) Once it hits the 4 hour bullish order block it should push higher and try to reach for each of the previous daily highs. If I need to hold over the weekend, I will.
Looking at the dollar it looks as if it will push higher breaking highs, then hitting an order block before pushing lower which would cause the exact opposite reaction in EU which is what is proposed.
(DOLLAR CHART)
I've tried to look at this as if it would sell and I can't make sense out of it so that's why I believe this is likely to happen.
And as I always make a disclaimer, I COULD BE COMPLETELY WRONG. What do I know? I'm just some dude that likes to post his ideas.
Good Luck and Good Trading!
EURUSD
Comment:
The original trade that started this movement has broken two highs and has doubled the extension. This could turn around and go the opposite way. I may cancel this trade as I watch the price action closely.
Comment:
What's interesting is that the current sell trade that would be a good scalp into the entry, is that trades 200% or double symmetry extension is exactly at the entry point I have suggested.
Comment:
Above if you draw the bottom 100% of the fib at 1.18343 and top 0% at 1.18084, you can see they double symmetry land on the Bullish Order Block.
But that's if it does sell. It may buy and break another high and in that case I would call this trade off.
But that's if it does sell. It may buy and break another high and in that case I would call this trade off.
Trade closed manually:
Closing limit orders. If it turns around now it could go through with some resistance at that area.
Comment:
Preparing for a sell on GU though.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
