On Friday, EURUSD failed to breach resistance at 1.0765 but also didn’t break bellow the 4 hour trend and finally on Monday the pair has broken out of consolidation and below trend line support that extends from the current 2017 low and retested trend line that is currently acting as new resistance at WM3(1.0710) yesterday.

I am looking to go short as I still maintain my bearish bias as seen on the Daily chart and continue looking for shorting opportunities while trading under the levels marked on the Daily chart.

D1

H4

H1

7 thoughts on “EURUSD Breaks From Consolidation, short setup (31-JAN-2017)”

  1. Malesela Nkwe says:

    My bro, your trade plans are always well written and with different presentation of facts.. I like it.. I want to get to your standard..

    1. Thabo Mapohosha says:

      Thanks a lot, Malesela bro. Learning as we go. Hoping to get better with time.

  2. Maryna Murray says:

    Hey Thabo, this pair failed to close convincingly below 1.070 on the Daily chart which is making me somewhat suspicious of selling this pair at the moment. I know we are talking about a few pips, but I would wait for a clear signal that his pair is still bearish or perhaps with economic news coming up this week. I would rather look to sell EURJPY today.

    1. Thabo Mapohosha says:

      Hi Maryna, thank you very much for your feed back. I noticed that as well, so I have been monitoring price action on the lower time frame in particular H4 which broke out of the trendline making a lower low before pulling back to the zone just bellow WPP shown on the chart. price had been trading/consolidating there and bulls failed to push higher when the market closed hence I maintained the bearish bias. Oh and I loved the EURJPY, went short yesterday, what a beauty.

      Thanks again.

      1. Maryna Murray says:

        You are welcome and thanks for responding. Yes, EURJPY was a good one and why I mostly trade crosses and not pairs with USD. Have a great trading day Thabo!

  3. jean janssen says:

    Thank you Thabo, for your tradeplan. I am short too on this pair but I do hope politics won’t get in the way, somewhat difficult market at the moment. (Newbie)

    1. Thabo Mapohosha says:

      It’s a pleasure Jean, though news updates seem to be messing up our plan 🙁 damn the news!!! I am also a newbie by the way and putting up trade plans helps one improve. Let’s keep sharing and learning from each other.

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