EURUSD (H4 and Daily) currency trend analysis Date: 2 Dec 2019
Queenie Wu
Trading zone: We can use pivots points to
recognize key levels. Consider Support and resistance: 1.105 – 1.096 See diagram for the KEY levels shown by the
pivot indicators
Strategy: Wave trading between the key
pivot points. Follow the trend direction
in the higher timeframe (D) and use the lower timeframe (H4) to enter.
Daily Chart: We have double bottom formation at 1.09989
4H Chart: Bullish Engulfing just formed. We were close to the bottom of the channel near the Support 2 level 1.09802
Trend direction: use Identify Trend indicator: UP in both D and H4 charts
Check reversal point in H 4 diagram: at around 1.09922
Expected direction: UP
Entry point: H4: at around 1.10163 when the
Bullish Engulfing candle is formed.
Exit point: H4: We can use the Resistance
level 2 and Resistance 3 to exit at TP1 and TP2. TP1: 1.10383
TP2: 1.10562
Stop Loss (SL): 1.09794 lowest point of
previous candle at the bottom of the Channel
EURUSD H4
EURUSD 1 D
Result: EURUSD goes UP passing through the
channel!!
