THIS PAIR OPENED AT WM3 RESISTANCE WHICH COINCIDES WITH MM3. PRICE HAS BEEN MOVING SIDES AND TRADING IN A RANGE BETWEEN 1.17 AND 1.15, PROVIDING BULLS AND BEARS EQUAL OPPORTUNITY TO BANK SOME PIPS. PRICE IS CURRENTLY HEADING SOUTH FROM RESISTANCE. THE STOCHASTIC IS ALSO HEADING THE SAME WAY AFTER BEING OVERBOUGHT. IF YOU ARE A BEAR THAN YOU ARE PROBABLY AIMING FOR WM1 AS A TAKE PROFIT TARGET.

EURSUD H4

EURUSD H4 POST TRADE PLAN ANALYSIS

THIS IS AN UPDATE TO THE TRADE PLAN I POSTED ON THE 23RD OF JULY. THE PLAN WAS TO SELL AT WM3 WHICH WAS THE TOP OF THE RANGE. BEARS SOLD BUT BULLS FOUGHT BACK AND TRIED TO BUY THE DIP, HOWEVER THE RESISTANCE HELD AFTER BULLS TESTED IT THREE TIMES. PRICE TOOK TWO WEEKS TO FALL TO THE BOTTOM OF THE RANGE WHERE IT CURRENTLY IS RIGHT NOW. THIS TRADE TESTED THE PATIENCE OF BEARS AND IF YOU WERE DISCIPLINED THAN YOU FINALLY GOT REWARDED WITH 165 PIPS.

2 thoughts on “EURUSD SHORT RANGE SETUP, 23 JULY 2018”

  1. Damith says:

    great post i like this idea

  2. Pedro says:

    Thanks Damith, let’s hope it plays out as planned. I’m not liking the price action on the daily chart though but if dollar continue to strengthen than it just might hit the tp target for the week.

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