Yesterday, we were buying EURUSD with a good 1:3.2RR win.
Since then, my view has changed a bit. Let's look at this 1h picture.
Reasons to buy:
It's still going higher, making new highs and new lows (we call it an uptrend)
The trendline is still valid and acted beautifully when it came to hold the price
This retracement can be retest of the trendline, then we go up, up and away
If you look at daily chart, according to price action it can still hit the previous shadow of 9 nov.
Reasons to sell:
I have seen it many times, making new highs and lows and then, out of the blue it just broke down with candlesticks like that
On 1h and 4h we have a double top which is even more confirmation
Candlesticks on 1h shows loss of control by the bulls
All things considered, I will be monitoring this trading idea closely as this can be a bear trap as well - a moment when everything shows that it will go down but in the end it goes up - and I rather wait than jump in for no reason.
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As you can see there is a box around the trendline and the horizontal line which I call area of interest. After proper confirmation I will know whether to sell or buy from here.
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Perfekt bounce up as I said above. 20pips let's see how it goes
交易开始
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I'm in for a long position to check if we break out or not.
BUY @1.1248 S/L: 28 pips away T/P: will be managed but around 50-60 pips
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The sell off is now a higher chance, we are at the exact same place what I have described this morning. Are we going to sell or buy? We'll see soon.
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Perfect breakdown, now waiting for a retest and then I jump in. More tomorrow.