A follow on post from my EURUSD break or bounce scenario. After price showed signs of a reversal I have entered a long trade and here is why:
After a few daily wick rejections to our zone at around 1.1100 and our broken descending wedge formation I started looking for opportunities to go long.
On the lower timeframe price began to reject a smaller descending trend line (purple) in which I was waiting for a breakout from. Price printed a bullish engulfing on 4H breaking out of this trendline, after this I spotted the double bottom formation in which I entered my trade at the neckline.
This entry was aggressive, and I would have liked to see price retrace to the broken 1H ema which it may still do.
I am hoping to see DXY fall which would give further confirmations of EU longs.
Happy trading!
New Instagram account @andy.fxtrades. Will be posting regularly on there also.
After a few daily wick rejections to our zone at around 1.1100 and our broken descending wedge formation I started looking for opportunities to go long.
On the lower timeframe price began to reject a smaller descending trend line (purple) in which I was waiting for a breakout from. Price printed a bullish engulfing on 4H breaking out of this trendline, after this I spotted the double bottom formation in which I entered my trade at the neckline.
This entry was aggressive, and I would have liked to see price retrace to the broken 1H ema which it may still do.
I am hoping to see DXY fall which would give further confirmations of EU longs.
Happy trading!
New Instagram account @andy.fxtrades. Will be posting regularly on there also.