Categories: Technical Analysis

Buying dips in EURUSD preferred

Last week after the Fed announced that they will increase the rate, we saw the dollar moving which might be the trigger for the correction. Technically the EURUSD has all the reasons as well to do so. That being said we should be looking to buy dips in the short term. Here is the plan on how to join.

Fundamental Overview:
Fed statement on increasing the rate

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Technical Overview:
W1 – 20 Candles Ride, 5 wave move which now should be followed by correction

Entry:
H1/H4 – I expect the market to create some kind of range which could be in the form of triangle or wedge and we can buy the break of it. Alternatively one can look to buy at the trend line
On the H1 chart follow the price action and once double wave correction is completed we can jump into a buy trade.
Target 1: 1.0870
Target 2: 1.1050
Stop Loss: below 1.06 or if you want to be more conservative below last low

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.