EURUSD H4 & H1 short term movement: DOWN

EURUSD H4 & H1 short term movement: DOWN       Date: 11 Dec 2019 

Queenie Wu

Trading zone: Consider Support and resistance: 1.11063 – 1.10632  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.

H4 Chart: Decreasing trend just started.  At resistance level 2, there is the reversal point at 1.10981

H1 Chart:

We are following the decreasing trend, currently at 1.10866

Trend direction: use Identify trend indicator: DOWN in both H1 and H4 charts

Expected direction: DOWN in short term; reversal down when the channel ceiling is attained.

Check reversal point in H4 diagram when we reach the ceiling of the ENV and the magnitude of the candle

Entry point: now SELL at 1.10866;

Exit point: H1: We can use the Support level 1 and Support level 2 (bottom of the TMA Channel) to exit at TP1 and TP2.  TP1: 1.10714  TP2: 1.10632

SL: At 1.10981 (the top of the TMA channel; resistance level 3)

RESULT: TP1 reached

H1 EURUSD.  A decreasing trend just started. Short term direction: DOWN

 

H4 EURUSD.  Reversal point at 1.10981