EURUSD Trading Setup

The trading setup from last time

euraud

The trading setup from last time was a long EURAUD trade. It did return some awesome pips before reversing. Wednesday’s candle was a bearish rejection (pin bar-like) candle, which gave me an indication that I should take my profits and run. As you can see from the screenshot, it was a pretty bearish indication. Price was hitting a major 4Hour resistance area and forming a pin bar on it, as well. At a moment I was even thinking of shorting the pair, but did not because of the imminent major support level. I now have doubts that it might be broken very soon. But let’s see…

EURUSD Trading Setup

Today’s trading setup is coming from the EURUSD. As you can see from the daily chart, there is a pin bar candle. It formed on a major resistance area. This is giving me an indication of a quick reversal. On top of that, I was monitoring today’s intraday charts and there is a minor resistance area that was not able to be broken. All in all, I am expecting a bearish Friday for the pair. If all goes according to plan, I am thinking of going short at around 1.0780. My stop loss will be placed just above 1.0830. My first price target is the level of 1.0625. My secondary price target is the level of 1.0400.

Colibri Trader

P.S.

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