Yesterday was the day without position, but today it may get interesting. In the afternoon there will be ECB conference so we should watch Euro pairs closely. We should also take a look at Swiss franc which is somehow correlated with the Euro.
Sell signal on this pair. Clear rebound from the resistance, Pin Bar showed up and this is why I set sell limit order on 50% retracement. Stop Loss is 70 pips and Take Profit 190 pips.
If you are interested in Price Action Strategy description, you can read it here.
Pair tested support but not a single buy signal showed up. I will watch the behaviour of the price all the time and look for the opportunities to open long position.
Yesterday I wrote about sell signal on this pair but price moved away so far that half of the order would be already closed and the rest would be secured. This is why I cancel pending order, especially because there can be some emotions on Euro today.
On the daily chart clear bearish Pin Bar showed up, but I’m too afraid of reaction during ECB conference.
There is also a Pin Bar buy signal over here. I have huge doubts about this one but the ratio is quite big (4:1) so according to my system I will open long position.
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After breaking the support I wait for sell signal. It can show up soon because Inside Bar is forming. I can see 2 possible scenario for shorts right now (I don’t play longs because bearish trend is too strong):
- Break below and close below mother candle range (the range is set on green on the chart). Then we can set sell limit order on 50% retracement of signal candle and SL above it.
- Break above, come back to its range and opening short position with market price and SL above mother candle.
Clear buy signal on this pair. I have doubts again because trend is bearish but this is last place where bulls can defend their position. Signal is clear and despite my opinion I have to set buy limit order on 50% retracement of yesterday’s daily candle.