The ABCD pattern on #EURUSD 4 hour chart is now completed and we expect the pair to correct to 50% Fib level. 1.1100 area in #EURUSD has been a very strong support and resistant level in the past couple of months and there is good chance to bounce to this level again in a medium term.
In terms of risk and reward ratio this trade will give you a better than one to two ratio which is an ideal scenario. If you benefit from any #algorithmictrading systems you can set your system to automatically trade long this opportunity until price reaches 1.11 area.
In terms of risk and reward ratio this trade will give you a better than one to two ratio which is an ideal scenario. If you benefit from any #algorithmictrading systems you can set your system to automatically trade long this opportunity until price reaches 1.11 area.
Trade active:
After entering this trade last week, we have seen a nice move up in EURUSD on Friday evening. We will move our stop to BE now.
Trade closed: target reached:
Target for this trade has been triggered before Fed decision. Total 1.7% profit is banked.
Thank you for following our trading ideas.
Thank you for following our trading ideas.
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Mt.BFX
Awesome.
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ifexx
Price action trading can be rewarding, the key point is to always look at the structures on the left no matter what instrument you are trading. The support always becomes resistant and the opposite so in this EURUSD trade idea we have identified the previous major support at 1.1100 zone to become our next resistant level.
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