EUR/USD SHORT (READ DESC) Short term + Long term Ideas
Chart is ugly for a reason, to make people actually read the description.
I mainly look at price action and using fib for entry points.
Looking at DXY we can see its clearly going up, DXY is now using 94.41 as support which was a daily low, the main key points for me in DXY is 94.83, 95.19,
95.41 and 95.92. If we assume from today we keep clearing each point in the next four days (this is because there was barely any resistance when DXY went down in these areas so not much resistance) we can assume EUR/USD will short.
The area of entry of a short should be in the area of 1.16815 (A significant daily low from a month ago) to around 1.16550. If you want a better chance 'catching the ride' you might want to wait to see if EUR/USD will break 1.16550 in the 4H candle close eta in 30 min.
The area of taking profit can be around 1.16430 (short-term) to around 1.15985 (And below) (long-term).
I picked these two points because they are 2 significant daily lows.
The area shaded in purple shows an area of fluctuation, so the area that's clear should pass thorough as expected.
1.16220 (1.16200) to 1.15985 (1.16000) will be rough as there was a lot of volume and volatility in this area from the past.
A few bits of information I found helpful today:
ECB Bulletin Comments: Low Demand And Financial Risks Will Continue To Weigh On Business Investment In The Coming Quarters (Depreciation of Euro long term)
ECB Bulletin Comments: Labour Market Indicators Point To Continued Job Losses In The Third Quarter: Bulletin Looking Forward, There Is Little Sign Of Buoyancy In Demand For Consumer Goods (Depreciation of Euro long term)
Please like this idea if you like it so I will post more and so I can gain reputation points. Thanks I Appreciate it.
What made me short @ 1.17164
USA MBA Mortgage Applications (18/SEP) 6.8% Actual vs -2.5 Previous
I mainly look at price action and using fib for entry points.
Looking at DXY we can see its clearly going up, DXY is now using 94.41 as support which was a daily low, the main key points for me in DXY is 94.83, 95.19,
95.41 and 95.92. If we assume from today we keep clearing each point in the next four days (this is because there was barely any resistance when DXY went down in these areas so not much resistance) we can assume EUR/USD will short.
The area of entry of a short should be in the area of 1.16815 (A significant daily low from a month ago) to around 1.16550. If you want a better chance 'catching the ride' you might want to wait to see if EUR/USD will break 1.16550 in the 4H candle close eta in 30 min.
The area of taking profit can be around 1.16430 (short-term) to around 1.15985 (And below) (long-term).
I picked these two points because they are 2 significant daily lows.
The area shaded in purple shows an area of fluctuation, so the area that's clear should pass thorough as expected.
1.16220 (1.16200) to 1.15985 (1.16000) will be rough as there was a lot of volume and volatility in this area from the past.
A few bits of information I found helpful today:
ECB Bulletin Comments: Low Demand And Financial Risks Will Continue To Weigh On Business Investment In The Coming Quarters (Depreciation of Euro long term)
ECB Bulletin Comments: Labour Market Indicators Point To Continued Job Losses In The Third Quarter: Bulletin Looking Forward, There Is Little Sign Of Buoyancy In Demand For Consumer Goods (Depreciation of Euro long term)
Please like this idea if you like it so I will post more and so I can gain reputation points. Thanks I Appreciate it.
What made me short @ 1.17164
USA MBA Mortgage Applications (18/SEP) 6.8% Actual vs -2.5 Previous
Trade closed: target reached:
Short term idea hit,
Long term goal looking achievable and even further down,
New news: ECB hands €174.5 billion to banks in latest TLTRO-III allotment.
This will likely result in hitting long term goal.
Long term goal looking achievable and even further down,
New news: ECB hands €174.5 billion to banks in latest TLTRO-III allotment.
This will likely result in hitting long term goal.
Trade closed: target reached:
Taking too long, so closed TP. Looking for another short when it pushes up around 1.17