EURUSD <SWING TRADE> <LONG>
Good day all,
Confident on this trade. However, keep in mind that market can do anything it wants! Keep risk to 1%
Why Long bias?
Confluence 1: Why Long bias? Monthly trendline which is the long term outer trendline is down. It was observed to be broken and shown in the drawing. Which means we are boooolish! Additional confluences to add on long trade sentiment is that both inner trendline and outer trendline is up!
Price still within inner trend line which means price is moving at a fast pace.
Confluence 2: Liquidity zone spotted. As marked in the charts price interacted with this zone twice. 1st respected it by forming a support, subsequently forming a resistance. Liquidity zone validated. Currently price broke out of this liquidity zone and retested it. Price found support off this zone.
Confluence 3: Price reacted of this zone strongly with a bullish engulfing candle which signifies price is making a upward move.
Confluence 4: In the lower time frames (2H) we can see that price retested zone 3 times.
Confluence 5: 8EMA Cross over in 4H charts
For traders that have higher risk tolerance in terms of probability, we can take the trade now after 4H candle close as a bullish engulfing candle. As it may seem we are still stuck in this consolidation box, traders that have lower risk tolerance in terms of probability can await for price to break through consolidation box, price retest of consolidation box and lastly give confirmation price going up to take the trade.
Entry: for higher risk tolerance, entry at 2H bullish engulfing candle - 1.08297
Take profit: Supply zone drawn in accordance to daily charts, we will TP once price hits the zone not throughout the zone. - 1.10834
Stop loss - risky stop loss here, just below boolish engulfing candle - 1.07625
Regards
Athena!
Confident on this trade. However, keep in mind that market can do anything it wants! Keep risk to 1%
Why Long bias?
Confluence 1: Why Long bias? Monthly trendline which is the long term outer trendline is down. It was observed to be broken and shown in the drawing. Which means we are boooolish! Additional confluences to add on long trade sentiment is that both inner trendline and outer trendline is up!
Price still within inner trend line which means price is moving at a fast pace.
Confluence 2: Liquidity zone spotted. As marked in the charts price interacted with this zone twice. 1st respected it by forming a support, subsequently forming a resistance. Liquidity zone validated. Currently price broke out of this liquidity zone and retested it. Price found support off this zone.
Confluence 3: Price reacted of this zone strongly with a bullish engulfing candle which signifies price is making a upward move.
Confluence 4: In the lower time frames (2H) we can see that price retested zone 3 times.
Confluence 5: 8EMA Cross over in 4H charts
For traders that have higher risk tolerance in terms of probability, we can take the trade now after 4H candle close as a bullish engulfing candle. As it may seem we are still stuck in this consolidation box, traders that have lower risk tolerance in terms of probability can await for price to break through consolidation box, price retest of consolidation box and lastly give confirmation price going up to take the trade.
Entry: for higher risk tolerance, entry at 2H bullish engulfing candle - 1.08297
Take profit: Supply zone drawn in accordance to daily charts, we will TP once price hits the zone not throughout the zone. - 1.10834
Stop loss - risky stop loss here, just below boolish engulfing candle - 1.07625
Regards
Athena!
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