Long position on the EURUSD. Entered @ 1.16440 as my entry rules were met on the H1 with a reversal. I believe market will either give us a harmonic 1:1. or simply retest the .18000 to .18500 highs. Either way first target is before this level.
- Firstly, previous structure supports a bullish rally at this level.
- We are at the .618 of previous extension.
- DXY and EXY both support move
- RSI + RVI over sold on 4H which chart I entered based on.
- Reversal indicator on 1H
- Different chart data on 4H shows very weak bearish candles (MT4 Data)
If you're feeling aggressive take targets on based on a harmonic 1:1. Maybe close half the order at my target and trail up to 1.618 extension.
Otherwise my target @ .618 extension of retracement, which also happens to be perfectly in line with previous structure close levels (just under previous structure high levels). Target @ 1.17500
Stop loss ATR based @ 1.6050
Nice clean handle numbers there too. Good luck.
- Firstly, previous structure supports a bullish rally at this level.
- We are at the .618 of previous extension.
- DXY and EXY both support move
- RSI + RVI over sold on 4H which chart I entered based on.
- Reversal indicator on 1H
- Different chart data on 4H shows very weak bearish candles (MT4 Data)
If you're feeling aggressive take targets on based on a harmonic 1:1. Maybe close half the order at my target and trail up to 1.618 extension.
Otherwise my target @ .618 extension of retracement, which also happens to be perfectly in line with previous structure close levels (just under previous structure high levels). Target @ 1.17500
Stop loss ATR based @ 1.6050
Nice clean handle numbers there too. Good luck.