EUR/USD Long Trade
This trade is based off two key factors I trade off of, the main one being the fact that the RSI v2 is running in the OB position and is headed in the downside. This usually is the start of the new trend on the daily which is where I am taking this trade from.
The RSI v2 takes an average of 5 time securitys and averages it and provides it as one plot, giving a more dynamic view on the strength of the trend and more accurately predict trend changes. That is my experience anyway.
I take daily trades off of reactions of Fibonacci levels and it looks like volume has died off near the .618 which to myself, I look at that as a velocity and momentum change, hence the pending order. If trend changes and does this in an impulsive manner, I should be picked up into this trade, and I will ride this move to the targets listed removing 20% each level until I am riding risk free fully, and have captured as much as the move as possible.
Of course, it could go bullish still and I will stay out of this trade. I will still keep this move in mind though, but possible move entries to another level higher. We shall see!
The RSI v2 takes an average of 5 time securitys and averages it and provides it as one plot, giving a more dynamic view on the strength of the trend and more accurately predict trend changes. That is my experience anyway.
I take daily trades off of reactions of Fibonacci levels and it looks like volume has died off near the .618 which to myself, I look at that as a velocity and momentum change, hence the pending order. If trend changes and does this in an impulsive manner, I should be picked up into this trade, and I will ride this move to the targets listed removing 20% each level until I am riding risk free fully, and have captured as much as the move as possible.
Of course, it could go bullish still and I will stay out of this trade. I will still keep this move in mind though, but possible move entries to another level higher. We shall see!
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