I'm going short on the EURUSD because of a 4 Hour pin bar that formed and met my rules analysis.
The pin bar formed and then the next 4H candle moved up to touch the R2 pivot line which coincided with the fib retracement lines that I drew on the fib line itself.
My entry price is 1.1335.
My stop loss is a few pips above the pin bar high at 1.1377.
I've set my take profit as the fib 1.618 extension which is 1.1263.
If I'm correct, I can see the EURUSD falling further than my take profit level and into the 1.200 area.
The pin bar formed and then the next 4H candle moved up to touch the R2 pivot line which coincided with the fib retracement lines that I drew on the fib line itself.
My entry price is 1.1335.
My stop loss is a few pips above the pin bar high at 1.1377.
I've set my take profit as the fib 1.618 extension which is 1.1263.
If I'm correct, I can see the EURUSD falling further than my take profit level and into the 1.200 area.