EURUSD breakout - wait for retracement before entering short
Recent breakout of the range has given us a trend we can potentially take advantage of. ADX has turned downwards signalling breakout weakness, so wait for the retracement towards previous support level (now resistance) before entering short towards the .618 extension (initial profit target). As stochastic on the daily time frame is well oversold, look for confirmation on the Stochastic in the 4 hour time frame (Overbought and cross) before entering.
Finally secondary take profit target is when the stochastic (4 hour chart) is in oversold area and turns initially turns upwards (after candle closed) as this could be a new trend.
Finally secondary take profit target is when the stochastic (4 hour chart) is in oversold area and turns initially turns upwards (after candle closed) as this could be a new trend.
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textbook retracement didnt occur as planned
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