EURUSD: A Detailed Plan to Trade the Expected Impulse

After a sharp impulse to the upside, price has been in a consolidation, and most likely another impulse will soon begin forming. As with all the corrections, the best way is to trade the breakouts above or below the corrective structures (above in this analysis). In case price breaks and starts climbing it will soon reach the median line of a daily downsloping pitchfork where there is a possibility that it will find good resistance.

I suggest that when price will reach the median line, to move your sl at breakeven and just wait to see if it breaks above the median line. In that case most likely we sill see a new correction before another rally. And we shall be in a fantastic trade with our buy position. In case it reverse at the median line our sl will be waiting at breakeven, and we will lose nothing from our capital.

Daily pitchfork:

Kommentar:

Price dropped for that small move i was expecting, and from now on we watch closer for that breakout above the corrective structure. In the chart below i refined the trendline based on the new swings.

Kommentar:

Price broke above the corrective structure. We may buy EURUSD:

Kommentar:

After the breakout price skyrocketed and almost reached the parallel. In the case now we see a correction, it will signal that most likely price will continue climbing. Don;t forget that tomorrow we have NFP. I hope that price will develop a correction before the news so to trail our sl and wait for the news. Bad data for US dollar will make price explode to the upside while we will be sitting in a risk-free trade setup :)

Kommentar:

NFP came out and forced price more to the upside. I care about news 0% as I truly believe, all we need to know is in the chart in the form of price. Anyway, price broke above key resistance and we should wait to see if a correction will form in next week. In that case, keep your long positions and most likely we shall see price climbing more..!