We last posted on the EURTRY on April 10th when price had broken and closed above a very significant resistance level in the form of the round number 5.0000.
This would have offered a long entry into the bull trend for the more aggressive trader. However, here at Sublime Trading we tend to apply a little patience at certain areas of support and resistance to reduce the possibility of getting caught up in a fake breakout.
The EURTRY has so far behaved how we wanted and that is further moves in the direction of the bull trend followed by a retest of the 5.000 level as support followed by the required candlestick formation.
Given the quality of the setup, we have allocated a small risk, less than 2% to this pullback setup.
We would now like to see price move towards and break and close above the pivot high of April which will be a strong sign of a trend continuation. We would then like to see price move towards 6.0000 and offer further entries to compound.
This is looking strong for a trend continuation of the bull trend.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
This would have offered a long entry into the bull trend for the more aggressive trader. However, here at Sublime Trading we tend to apply a little patience at certain areas of support and resistance to reduce the possibility of getting caught up in a fake breakout.
The EURTRY has so far behaved how we wanted and that is further moves in the direction of the bull trend followed by a retest of the 5.000 level as support followed by the required candlestick formation.
Given the quality of the setup, we have allocated a small risk, less than 2% to this pullback setup.
We would now like to see price move towards and break and close above the pivot high of April which will be a strong sign of a trend continuation. We would then like to see price move towards 6.0000 and offer further entries to compound.
This is looking strong for a trend continuation of the bull trend.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading