EURUSD D1 & H1 trend: DOWN

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