EURUSD D1 & H1 trend: DOWN Date: 24 Dec 2019
Queenie Wu
Trading zone: Consider Support and
resistance: 1.11112 – 1.10691 See
diagram for the KEY levels shown by the pivot indicators
Strategy: Wave trading between the key support
and resistance levels. Follow the trend
direction in the higher timeframe and use the lower timeframe to enter.
D1 Chart: Decreasing trend started. Reversal point at 1.11390. Currently, at 1.10754, in the middle of TMA
channel.
H1 Chart:
We are following the decreasing trend. When
European session started, one very strong bearish candle just formed, moving
forward to the floor of TMA channel.
Trend direction: use Identify trend
indicator: DOWN in both D1, H4 and H1 charts
Expected direction: DOWN in short term; following
the bearish trend formed.
Entry point: now SELL at 1.10754;
Exit point: D1: We can use the Support
level to exit at TP1: 1.10691
SL: At 1.11112 (the top of the previous
candle; close to the resistance level 3)
Result: After reaching 1.10703, it reversed. Take profit before TP1
D1 EURUSD. A decreasing trend started. Expected direction: DOWN. Reversal point at 1.11390
H4 EURUSD. Trend direction: DOWN
H1 EURUSD. Trend direction: Strong DOWN when European session started
Result after 1 hour: After reaching
1.10703, it reversed. Take profit before
TP1
