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This plan is a continuation of the previous bullish strategy on EUR / USD.
As seen on the chart, an opportunity opened for sellers to take short positions. But it is known very well that in popular instruments such as EUR / USD, market makers set traps in order to lure traders. An example of this is the picture below.
This suggests that bearish traders should take caution, especially around 1.16600, where most sell stops were placed.
As for bullish traders, since there are three wave patterns (ABC), where wave A represents the buying pressure since October 11-19, they can take long positions up to the 61.8% and 50% retracement level of 1.16. Set stop loss at 1.15550, and take profit on:
1. Close 2/3 of the position on the breakdown of 1.16700.
2. Close the remaining 1/3 on the breakdown of 1.19000.
Refrain from taking short positions, otherwise, profit may be lost.
This analysis is based on Price Action and Stop Hunting strategies.
Good luck and have a nice trading day!
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