My long was exited earlier today on the close below the hourly MA100 for a 10 point loss. Break above hourly structure high last night could not be sustained, and triggered the exit.

Bullish consolidation above the daily EMA10, and bullish convergence of hourly moving averages caused me to go long again. The daily RSI has corrected back to 50 and bounced, and hourly RSI has found support as well. Price is staying above the 38.2% retracement of the 1.3696-1.4157 range, and has closed above the hourly EMA10 two hours in a row after leaving a kanagaroo tail on a failure to break below the 38.2% retracement level at 1.3872. Lots of indicators that suggest more upside is to come.

My stop is below the kangarootail, at 1.3839, and the target is open (will close the trade on an hourly close below the hourly MA100, but only after an hourly close above 1.4049, otherwise the stop will limit my risk.)

Hourly Chart:

Price moved within 1 point of my target, and pulled back slightly. Going into the Asia/Europe transition now, and I feel more comfortable to close the trade within 20 points of my target. Closed long at 1.4074 for a 219 point profit. Nice trade overall.

I tightened my stop to entry after the close above the 61.8% retracement of the ABCD portion of the Gartley pattern. Follow-through required at this point for the trade to remain valid, and 1.3878 should provide support.

A Gartley buy pattern with good Fibonacci confirmation has formed on the hourly chart, and price has pulled back into the daily EMA10, which is still trending strongly upwards. The double close above the hourly EMA10 is my trigger to go long again. This time I’m trading the 1.27 extension of the pattern, which puts the target at 1.4095. Stop is set below the D point of the pattern, at 1.3757.

Hourly RSI and volume are both bullish and in support of the trade. Good risk/return as well.

My long position was stopped out in European trading for a 147 point loss, when price fell below the 38.2 Fibo retracement. Some upside recovery is expected, but price may very well stay below 1.4050. Potential for consolidation near recent levels.

The EURUSD pair remains supported above the MA100, and above the 61.8% retracement level of the recent hourly range (1.3636-1.4028). Sharp volatility at the end of the European session, but that’s not unusal given that we’re trading on a Friday and a long weekend is coming up.

Hourly RSI remains above oversold, and just broke above a declining trendline and into positive territory. Dailies are heavily oversold, and the expectation is for a correction to come soon. But the trend is up and very strong, and needs to be respected in the absence of any reversal signals.

1.4040 is a key support/resistance level on the daily and weekly chart, and I expect this level to be at least tested once before we see a correction. There is a large Gartley pattern forming on the dailies, suggesting the the Euro’s recent rally will likely to be corrective in the end.

My trading system triggered another long trade on the double close above the hourly EMA10, following the finding of support above the 61.8% retracement level. I just went long at 1.3932 with a stop at the 38.2% retracement level at 1.3786 and a target of 1.4133, the 1.27 extension of the recent hourly range.

Hourly Chart:

Price has reached the key resistance level of 1.3740 in one relentless drive up without any major correction. I expect at least an interim top near this level, and exited my long at 1.3726 for a 220 point profit. Hourly RSI is beginning to show divergence, and 1.3740 has proven to be a major structure support/resistance over the last few years. With RSIs so overbought on both daily and hourly charts, the chance of a sizable pullback is quite high. 1.3740 is also the 1.27 Fibo extension of the daily chart pattern.

Hourly Chart:

Daily Chart:

I went long at 1.3506 on the renewed convergence of hourly averages EMA10, EMA48, and MA100. A bit uncomfortable since dailies are pretty overstretched, but need to follow my trading system.

Stop is 15 points below the kangarootail, at 1.3364, target is open.

Hourly Chart:

The target for yesterday’s long position was reached in the European session, and the traded was exited at a 90 point profit. The pair has now reached trendline resistance and the 0.618 retracement level of the 1.5143-1.1875 range at 1.3123. Hourly RSI is overbought and turning down, and I’m expecting consolidation near that level, with an ultimate push to retest the August High at 1.3333 over the coming weeks.

I’m flat until I my trading plan produces another signal.

Hourly Chart:

Daily Chart: