Update on EU Buy transition Swing

12 時間前

Hello all, here is my Update of what I am seeing on EU

Just to give context the:

Orange line - 4h
Yellow line - Daily
Red line - 1h
White line - Monthly
Black line - Weekly

I am more of a dynamic trader and will intraday, or swing depending on the situation and sometimes can take my entries on the 1m like i did for this position which allowed for me to have a 5 pip Stop loss in this instance

I use dynamic trend lines meaning i move them and adjust them as the market develops and when candles close, so what may look like a lot of lines really isn't what I have up all the time. This is just for visual aid to show you what I can see without the lines (sometimes)

now with that out of the way.

My main thought is still based on the weekly which is where my main fib is based on:


Usually the market after a transition on the pullback dips a bit lower than the previous support area in this case pulling back to the red zones on my fib which usually happens on most timeframes after a break of structure, this is still true and what I am basing things on

That paired with the daily rejecting the monthly support (white line) and showing exhaustion in that area and the market rejecting the daily zone that aligns with a monthly support further builds this case,

before I was jumping the gun even though I marked up ignoring the previous consolidation. I still did not wait for the market to truly make that "deeper" pullback under that previous structure


I entered on the lower timeframes based on exhaustion seen on the higher time that being the daily and 4h I entered based on it being at the bottom of the zone and just confidence. I have a 6 pip SL and am willing to risk that for the overall tp of 1.13422