EURUSD Enters Correction
EURUSD Enters Correction
Written by: PaxForex analytics dept - Wednesday, 19 February 2014 0 comments
Should price action for the EURUSD remain inside the 1.3750 to 1.3800 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Long Position @ 1.3770
- Take Profit Zone: 1.3620 – 1.3670
- Stop Loss Level: 1.3900 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
- Hedge Level: Buy Stop Order @ 1.3820 (Take Profit Level @ 1.3900)
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
- Take Profit Zone: 1.3620 – 1.3670
- Stop Loss Level: 1.3900 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
- Hedge Level: Buy Stop Order @ 1.3820 (Take Profit Level @ 1.3900)
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3820
- Take Profit Zone: 1.3870 – 1.3900
- Stop Loss Level: 1.3770 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
- Hedge Level: Sell Stop Order @ 1.3770 (Take Profit Level @ 1.3620)