Hello traders, here's my view on EURUSD for the week, enjoy.
Reward: 220 pips🤑
Risk: 26.5 pips❌
Risk/Reward Ratio: 8.54✅
Chart Breakdown:📉📈
Entry Reasons
Entry will become validated if:
✔Break and re-test of upward trendline
✔Re-test of support which will potentially become resistance
✔Bearish Reversal candlestick pattern to confirm sells
Please comment, like and follow for more ideas from DR.Swing_Forex
DR.Swing_Forex
Reward: 220 pips🤑
Risk: 26.5 pips❌
Risk/Reward Ratio: 8.54✅
Chart Breakdown:📉📈
- Daily: We have an uptrend in place but we also have a sell setup in place from a downward trendline which is at a 0.718 Fibonacci retracement, therefore we are bearish on this timeframe despite the uptrend.
- 4 Hour: We have a 3rd touch sell setup on a downward trendline from the 4H timeframe. The trend is currently up but price action is currently approaching the previous higher-low to form a change in trend.
- 1 Hour: We have a downtrend in place as price intersected the previous higher-low. Price also broke below the upward trendline and I'm anticipating a re-test of the upward trendline + resistance.
Entry Reasons
Entry will become validated if:
✔Break and re-test of upward trendline
✔Re-test of support which will potentially become resistance
✔Bearish Reversal candlestick pattern to confirm sells
Please comment, like and follow for more ideas from DR.Swing_Forex
DR.Swing_Forex