EURUSD is approaching a critical level where more biases would be found. 3300 – 3290's is next critical inflection point. As I have stated previously my bias is bullish as long as we are closing above 3250's. This time I would like to trade this 3290's zone for a swing trade back to 36's. My SL would be approximately 60pips wide and the entry price should be somewhere between 3250's and 3300. It all depends on the Monday open. I am willing to hold this play for the rest of the week (if my entry is triggered). My stop-loss adjustments will be determined under these conditions:
- 3400 is broken and holds -> moving my SL to BE
- 3480 is broken and holds -> moving my SL to previous swing LOW possibly somewhere below 3400 (3390 – 3350)
- aggressive sell off happens at 3570's -> moving my SL just below 3450's
- if 3570's found little resistance I keep my SL from the point 2.
Ok. These are my if-then scenarios if the trade works in my direction. If it doesn't work and after the entry the price would range between 3290's – 3250's I would exit half of my position to relief the pressure (at the entry point) and keep the rest with original stop-loss.
Let's see how it plays.
Have a great one.