EURUSD is primed for a long today. After consolidating sideways for multiple days, price has now presented us with a buy structure anchoring off the H4 Orderblock.
The Daily & H4 IoF is long, but the weekly is still a short.
Therefore, I anticipate price to trade up to the final TP where I'll be looking for shorts from then onwards throughout all of May.
With a euro and a dollar, this should accentuate a fall in euro after this final move to the upside has been made.
First objective is the high of yesterday.
Second objective is the high of the H4 range.
Third objective is the D1 Orderblock in line with a fill of an imbalance that lies above.
Bear in mind there is FOMC news today so there's a chance that price may spike around 7pm London Time, make sure you claim profits or exit most of your position by that time.
can lead to slippage therefore your stop loss may not get filled during that time; hence, reducing your exposure when that time comes is key.
Best of luck.
Same take profit targets.
Closed out 80%, stops moved to breakeven.
We can get another entry soon on the pullback.
With an initial stop out, we float at +3% assuming you risked 1% on both entries.
We will exit the market as price will come below the low of the day during FOMC before swinging up to our take profit 2.
My students will have access to the 2nd entry point.
Trend is your friend? Hahah. Keep believing that. Enter on the retest of that trend line, I dare you.
After clearing the first objective, it was obvious that price would hover and re-induce to the downside to get some retail traders all excited.
Price has now cleared objective 2.
It will trade into objective 3, where a new sell cycle on EURUSD will commence.