EUR/USD analysis | Sept 4, 2019
- KeonConsultancy.com
- Sep 4, 2019
- 1 min read
After closure of buy trade here, we'll look for short entry if it will be supported by bearish candle pattern on 30m or 15m time-frame.
Downward thrust with all candle closed below blue MA (moving average), suggests that price may start moving down after reaching an immediate resistance. It's called Bread n Butter Trade and if it happens (starts going down), we should target 61.8% of whole upward retracement since yesterday.
I moved SL to BE. I will remove SL and will have no SL between 4:30 p.m. EDT and 6:00 p.m. EDT in order to avoid getting stopped out. Spreads are increased in this low volatility period and price often touches SL.
NFP is going to be released tomorrow, so it's better to exit the trade as soon as possible. Therefore, I'm targeting only 50% (instead of 61.8%) of whole move up in my sell trade. This has given me R:R of 1:2 which is satisfactory.
Entered short sell @ 1.10546, soon we'll move SL to BE.
As our buy trade got completed, we'll now be looking for bearish pattern on 15m or 30m time-frames. Let's see if we get our 'Bread n Butter'.
It hit our target which was swing low (1.1026) on 1D/daily time frame.