Categories: Technical Analysis

Buying in EURUSD preferred

EURUSD has started to show weakness in its bearish momentum so i think going long for the short-mid term is a good idea. The pair has formed a flag which if broken, is one way to trade to go long or alternatively we will be looking to buy dips. As long as the price trades above 1.1160 this two scenarios are valid.

Technical Overview:
D1 – 20 Candles Ride on the Bollinger Bands

H1 – flag pattern

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Entry:
Scenario 1: Look for the break of the H1 flag and wait for re-test of the broken line to confirm the break. Then go ahead and buy
Target 1: 1.1500
Target 2: 1.1630
Stop Loss: below the broken trend line and closest support

Scenario 2: Wait for the price to drop a bit lower (not lower than 1.1160) and on the H1 chart or the M15 chart look for bullish divergence in order to go long.
Target 1: 1.1360
Target 2: 1.1500
Stop Loss: below last low created

Video Explanation

Yours,
Vladimir

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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.