It’s been a while I have been posting trades. May be if you want to join my lead. I have EURUSD on target to get a swing trade for this month before the August Holiday.
Here is my current plan
SELL Limit @ 1.32153
SL @ 1.32678
TP @ 1.29304
If along the way down, I have fresh supply, I will use it to add position to increase the profitability before reaching the opposite level ( demand ).
The supply level I put my orders in 4H chart, is inside a supply on a bigger Time frame . It is a weekly supply, also a daily supply and a 4h supply at the same position. So the the probability that price will turn is imminent.
Here is the odd enhancer score
Strength = 2
Period at level = 1
Profit margin = 2
Retracement = 2
Larger time frame Level = 1
Arrival = 1 ( becasue most of the obstacle for the rebounce are wash away ). so No demand until 1.2920. SO What we have here is a least path resistance.
To ensure the arrival will be strong into the level, most of the supply level ( pockets of it ) are also being taken out so as nothing to prevent a strong price to go into it.
The USD index also confirms a Demand on the opposite level. This makes a good gauge to anticipate a low risk entry with a high probability reward.
Now remember, I have no knowledge of the news at all. SO this is purely Demand and supply set up for the turn back on the down trend.
It has entered a demand level yesterday to make the push higher so as to convince Novice and retail traders out there to buy a breakout of a higher high.
I know that from a fact, that the most common mistake a trader make is 1. Buying after a rally 2. Buying into a supply exceed demand .
The big institution, banks or hedge funds out there are selling at that supply. That includes me! SO may the best trader wins!