Here we see a downtrend in the EUR/USD charts, and over the last hundred moves or so, the linear regression appears to be creating a nice channel that the market is respecting.
If the market decides to continue , it is likely that the market will drop down into the next major structure support level around 1.10660. there is a nice little wedge that seems to support my theory, a breakout to the downside would be at about 3/4 of the triangle.
I have placed my entry at current market price, my stop is placed just above structure resistance, and my limit is placed at the next structure level on the down trend.
Thanks for checking it out, i'm still new to price action trading, so feel free to leave pointers in the comments, and like if you agree, lets me know i'm on the right track. And don't forget to follow for more predictions.
Thanks again guys; Good Trading!
If the market decides to continue , it is likely that the market will drop down into the next major structure support level around 1.10660. there is a nice little wedge that seems to support my theory, a breakout to the downside would be at about 3/4 of the triangle.
I have placed my entry at current market price, my stop is placed just above structure resistance, and my limit is placed at the next structure level on the down trend.
Thanks for checking it out, i'm still new to price action trading, so feel free to leave pointers in the comments, and like if you agree, lets me know i'm on the right track. And don't forget to follow for more predictions.
Thanks again guys; Good Trading!