UPDATE 160705tu 10.00BST EURUSD London Open Strategic and Tactical Trade Plan

On H4 EURUSD just printed a beautiful textbook pinbar that rejected a cluster of confluent resistance levels.

Also on H1 EURUSD made a long shadow and a dark cloud cover that engulfed more that 3/4 previous move.
Ain’t it a beauty?

I expect now the pinbar to retrace to its Fib 38.2-61.8 “sweet spot” as Wayne say
and then eventually head down.

What do you think?

On H4 EURUSD just printed a beautiful textbook pinbar that rejected a cluster of confluent resistance levels.

Also on H1 EURUSD made a long shadow and a dark cloud cover that engulfed more that 3/4 previous move. Ain't it a beauty?

I expect now the pinbar to retrace to its Fib 38.2-61.8 "sweet spot" as Wayne say and then eventually head down. What do you think?

2 thoughts on “UPDATE 160705tu 10.00BST EURUSD London Open Strategic and Tactical Trade Plan”

  1. Jim Reddihough says:

    I’ve got daily R2, daily 21 , 1.12 area as next place to look for a short.

    1. Miles says:

      Thank you Jim, seems that area worked really well as resistance. I was short before so I recovered my losses. Now price is between DS1 and DM1, would you exit now or stay in for a longer ride down?

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