Hi Traders! EURUSD intraday bullish setup update and follow up is here. On March 31st I shared this “EURUSD Intraday Bullish Setup” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
EURUSD H4(4 Hours) Chart Current Scenario
Based on the above mentioned analysis my view was bullish here and I was expecting the price to move higher further in the short term until the key support zone holds. The price action followed my analysis as I expected it to. The price respected the key support zone and moved higher further providing 140+ pips move so far.
On the M15 chart, the market provided us with various facts supporting the bullish view. After bouncing from the key support zone on the H4 chart, we had a pullback on the M15 chart with the price creating a bullish divergence between the first low that has formed at 1.17192 and the second low that has formed at 1.17123 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
