FX:EURUSD   Euro / U.S. Dollar
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10
I have entered a short position on EURUSD .

My thinking is it will continue to be bearish in the shorter term to reach the lower side of the bullish channel . I think it will break and then retest the support / resistance at 1.21140 then reach the bottom of the channel somewhere around 1.19230.

Given the lower channel trend line is in a similar area to the support I think when it hits this area it will turn bullish to remain in the channel and ultimately remain bullish .

My entry is 1.211440, I have sent my SL at the point of the latest high plus room for movement which I have used the ATR SMR 20 given me a SL of 1.21904. I have then set TP 1.19491 which is playing it safe above the lower trend line / resistance.

Lt me know what you think
Comment: Forgot to add this idea gives me a little over 2:1 profit / loss

Comments

Head and shoulders too 😉
+2 Reply
price action has broken the resistance and MA. if the body of a candle finishes above the trend then I will SL. however I expect if it reaches the trend it will bounce off it and and go short in line with my original idea
+1 Reply
so far the only real variation on my idea is resistance was found on the 50 ma slightly above my resistance and it happened quicker than I expected. but still on track
+1 Reply
test of resistance at 1.21 complete. now I am waiting for the price action to continue short
+1 Reply