After pushing to new highs, the EURUSD has pulled back setting up an 80 pip potential bullish opportunity.
The Daily M2 Pivot Point is currently acting as support as seen in the attached chart.
I have attached a 4 hour chart with a 4 hour trend line. When this trend line is breached there should be bullish momentum up to the highs at 1.1257 which is about 80 up from price currently at 1.1179. I anticipate this trade will play out in the London session tonight or the New York session in the AM.
My stop is below the 4 Hour Low at 1.1153 which is about 25 pips below my buy orders at 1.1180. My take profit is at 1.12500 which is roughly 70 pips above my entrance which gives this trade a 3:1 risk to reward ratio. Wait for the 4 hour trend line to be breached before entering this trade.
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5 thoughts on “80 PIP EURUSD BULLISH TRADE”
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Thanks for that Tyler, love your stuff….I do have a question…..”London session tonight or the New York session in the AM”…. so where in the world are you, if i may ask?
I am in Los Angeles
Thanks for your post. If the 50%-61.8% (1.1170-1.1150) retrace on EURUSD Daily holds for a bounce north we could also more aggressively target the -0.618% Fib extension at approx. 1.1380, a real possibility given record EUR longs held by speculators and fundies who are buying EUR on the dips. Risk of course is the Draghi speech later in Europe.
Great trade Tyler and I only trade USD with FED economic news and then I always sell USD, so again it was a sell-USD trade with FOMC minutes release. I’ve been a USD bear now for nearly 18 months and going strong with FED news, so good to see that your plan was also a “bear-move” on USD! Thanks for posting.
Thanks for your feedback guys, I am glad you are happy with the analysis.