EURUSD update and trade plan
For my previous post and context see below:
I mentioned that I was looking for a move out of the lower 'green zone' around 1.08 (whether this was bullish or bearish was important for the next trade opportunity). The fact that we saw a break above the channel line out of this zone is a good bullish sign.
Since price is retesting the upper channel line is an even better signal. This means that the market is clearly testing structure before its next impulsive move.
Therefore I will be looking for a smaller consolidation in the beginning of next week before we might see another Buy signal for the EURUSD. The minimum target for this anticipated move has been shown by means of the 'green zone' at 1.12-1.125. I'm not saying that price can't go higher or that we will see the buy signal in the beginning of the week but this is my preferred scenario and this is how I will trade it. If price reaches the target zone price action will tell me whether we should expect a continuation higher but I will update by then.
If the EURUSD decides to move lower I will simply wait for the next trade opportunity once it presents itself.
Have a nice weekend!
timstuyts.com
facebook/timstuyts/
I mentioned that I was looking for a move out of the lower 'green zone' around 1.08 (whether this was bullish or bearish was important for the next trade opportunity). The fact that we saw a break above the channel line out of this zone is a good bullish sign.
Since price is retesting the upper channel line is an even better signal. This means that the market is clearly testing structure before its next impulsive move.
Therefore I will be looking for a smaller consolidation in the beginning of next week before we might see another Buy signal for the EURUSD. The minimum target for this anticipated move has been shown by means of the 'green zone' at 1.12-1.125. I'm not saying that price can't go higher or that we will see the buy signal in the beginning of the week but this is my preferred scenario and this is how I will trade it. If price reaches the target zone price action will tell me whether we should expect a continuation higher but I will update by then.
If the EURUSD decides to move lower I will simply wait for the next trade opportunity once it presents itself.
Have a nice weekend!
timstuyts.com
facebook/timstuyts/
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