Tuesday, March 21, 2017

Eurusd and the 4th Day

Today's trade idea is following suit with my recent analysis and popped up today. It appears that we have a bullish power of 3 setup on the daily. Remember, we don't count the Sunday candle. Tuesday's price action brought on more bullishness and new highs. For now, market flow on the daily chart is bullish.

Market flow is still pointing north.

According to the Power of 3 setup, since Wednesday is the 4th day in the setup, we're going to be hunting a level to get long below the day's opening price. The level must have a high probability price as well as a confluence of other factors that would lead you to believe that the market will react when it gets to that price.

I'm thinking that we might be OTE Long around 1.0780-1.0770ish. Otherwise, I think we take a dip down to 1.0730ish. 

The eurusd pair is very close to significant highs and looks like its getting ready to run a touch higher. However, I wouldn't be surprised if we retrace and run some stops down lower.



I did manage to take a very small chunk of the price action and was stopped out at +1 on the final portion of my trade.


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