The 240-minute chart has a confirmed uptrend which can be set up for a swing entry long on a pullback. The trick is PATIENCE.
240-minute EUR/USD with the GRaB plug-in and 34EMA Wave
Swing trading - for me - relies on corrective entries which translates into identifying where an uptrend such as the one on the EUR/USD (above) will find support when prices move lower within the overall context of the uptrend. The buy entry is set up in expectation of a resumption of the trend.
It’s Newton’s Laws of Motion really…
An object that is at rest will stay at rest unless an unbalanced force acts upon it.
An object that is in motion will not change its velocity unless an unbalanced force acts upon it.
In the case of a swing entry long, the set up waits at the area of support between the 20 period SMA and 34 period EMA high. Currently that puts buying support just below the 1.4200 level which means that the “00″ major psychological level must be broken in order to trigger the swing buy on this time frame.