Earlier today, going long on EU didn't look like a great idea (mostly because that consolidation didn't look like a flag to me) but at this point, a long looks like the most reasonable thing to do. Nice Fib level too, but ill advice to wait for further confirmations before entering (let your trading strategy decide that). cheers!
Comment:
So Far so good. I see on H1 a higher low (which is a good sign of buying pressure). So I've decided to set a buy limit at 1.09309, which a few pips higher than the previous high.
Trade closed manually:
So after 4 hours of steady Bearish pressure, I smell something fishy. Then I glance at my RSI on H4 tf and I'm like, "oh snap". How did I not see the divergence?.
So just to be on the safe side, I close the trade on break even, and set a new buy stop above the last two candles, just incase the divergence is right it's actually a reversal.
So just to be on the safe side, I close the trade on break even, and set a new buy stop above the last two candles, just incase the divergence is right it's actually a reversal.
Trade active:
So far so good. The trade is looking good. You can decided to close and enjoy your profits if you are a day trader, or take partial profits. But do well to manage your profits from here on. Cheers!