EURUSD SMA Short Trade

EURUSD SHORT #TRADE SMA RETEST FIBONACCI STRUCTURE #FOREX

EURUSD SHORT #TRADE SMA RETEST FIBONACCI STRUCTURE 

EURUSD SMA Short Trade
EURUSD SMA Short Trade

View It On TradingView

Reasons For Trade:

1. 10sma is lagging behind and EURUSD price has tested 200sma 2 times already. If the prices come back up to touch 10sma, we will have an opportunity to go short.
2. Price is currently in down trend and is not oversold yet.

Stop Placement:

  1. Above 50 sma at least and previous high

Targets:

  1. First Target at: 1:1 R/R i.e. 127.2 Fib extension. That is where 61.8 Fib retracement of impulse leg has confleunce.
  2. Second Target at 161.8 Fib extension. That is where 78.6 Fib retracement of impulse leg has confleunce.

Trade Execution:

  1. Wait for a confirmation inside the zone to take an entry as this is a wide zone.
  2. As soon as the target 1 hit, close 50% of positon, move stops 50% down as price may come back up to retest and fall down again.

Concerns:

  1. The price may try going over 50sma to touch a zone around 1.1442 area of EURUSD

Planned News Expected: (UK Time)

TueOct 20  1:30pm USD Building Permits

Post Execution Review:

Pending

---------------------------------------------------------------------------------
Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------
245 Total Views 2 Views Today
Short URL for this post: http://goo.gl/7fhy13

Related Posts