4H EURUSD Post-Analysis

 

by: Colibri Trader

 

Dear Friends,

It was a quiet end of the week and a similar beginning. That is why I have decided to utilise the time and sum-up my last trade’s steps.

If you remember, I wrote about a potential EURUSD setup on the 20th of August (check HERE).

The daily chart was printing an inside day, which gave me a great reason to think of going long. What followed confirmed my initial plan and I did entered into a few long positions.

The ones amongst you that have taken my professional trading course would know why I have taken those trades. For the rest of you, they might be slightly unknown, but that’s why I will walk you through my last trades.

I hope you will appreciate the fact that I cannot go into as many details as I wish due to the inability to give you as many details as I have given you in my trading course. I hope this will still make you see the picture better than before.

The Daily Picture

EURUSD Post-Analysis

As you can see from the Daily screenshot above taken on the 20th of August, there was an inside day on a support level. This was a great starting point for a deeper analysis.

After zooming in on the 4H chart, I had a few great opportunities for long trades. Below you will find the 4H chart dissected into a few possible setups for long trades.

4 Hour Chart

EURUSD Post-Analysis

After the inside bar on the daily chart the following 5 candlestick patterns formed on the 4H chart.

Pattern #1 Bullish Engulfing

The bullish engulfing candlestick pattern was the first one to set off a sequence of bullish candlestick patterns

Pattern #2 Bullish Engulfing

The second candlestick pattern is another bullish engulfing. This was the first one I took and it proved to be a successful one.

Pattern #3 Double Bullish Engulfing

This pattern is formed by three candles. The second and third candles are engulfing the first one leading to more buyers entering the buying spree. I missed this trade since I was not able to monitor at this time.

Pattern #4 Double Bullish Engulfing

This pattern followed a brief raise of EURUSD. It is the same as pattern #3 and indicated bullishness. Depending on where you have placed your stops here, you might get stopped out. I did take this pattern and got stopped out for a few pips.

Pattern #5 Pinbar

This candlestick is a pinbar. I did manage to take it, as well and it proved quite reliable. A lot more buyers joined the price rally and pushed EURUSD to a new high.

Sum-Up

From those 5 intraday formations I managed to take 3. Two resulted in great winners and one lost me a few pips. One trade was missed. All in all, a great sequence of trades that are running a cumulative of around 350 pips so far. There is no sign of weakness for the time being and I am letting them run.

Happy Trading,

Colibri Trader

 

p.s.

Don’t forget to check out my recent article on Fibonacci 

or how Weaknesses Can Help You Make Money Trading

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