EURUSD 5 - 0 Pattern Indicating Continuation of Larger Downtrend
EURUSD 5-0 pattern on 4h chart, CCI divergence , PRZ confluence with a fairly decent support turned resistance. On 15m chart possible double top formed marking the reversal inside PRZ of 5-0 formed by 1.00 AB=CD reciprocal and 0.500 Fib retracement.
Stop loss is place just above high of double top and might be a little tight, if I'm stopped out I will look for another signal to attempt a second entry.
Target 1 I'll close half my position.
Target 2 I'll close 25%
Target 3 I will close the rest.
Because this price move is a possible continuation of the larger downtrend I have a greater degree of confidence in waiting for price to hit target 3.
Entry - 1.10277
SL - 1.10542
Target 1 - 1.09143
Target 2 - 1.07690
Target 3 - 1.06014
Stop loss is place just above high of double top and might be a little tight, if I'm stopped out I will look for another signal to attempt a second entry.
Target 1 I'll close half my position.
Target 2 I'll close 25%
Target 3 I will close the rest.
Because this price move is a possible continuation of the larger downtrend I have a greater degree of confidence in waiting for price to hit target 3.
Entry - 1.10277
SL - 1.10542
Target 1 - 1.09143
Target 2 - 1.07690
Target 3 - 1.06014