EURUSD Signal:
Trend is angling down. Dragon is angling down, but not yet thru Trend. This is a "Special" PA wave situation, but further complicated by the fact of a EUR high impact release coming in the next LS. So, we have increased possibility the MMs will continue to support price in order to suck in longs and get more of the big player short orders filled. The MMs might even take price back above the half number again. We just cannot know.
The summary is that this has definite bearish signs, especially with the high volume when the MMs took the price back above the upper whole number. But patience is required. Eventually - whenever it comes - a break down thru the whole number might be the actual trade signal. If this does not happen until tomorrow, the Dragon should by then be below the Trend. If today? If today, decide for yourself if to trade it while the Dragon is above the Trend. Just consider the possibility that the MMs will continue to range the price between the whole numbers until tomorrow, in order to further build positions, presumably short positions based on what we have here so far.
If all this is on track, and if you enter before the EUR release tomorrow, then keep in mind that there could easily be a significant stop hunt of shorts tomorrow.
tah
Trend is angling down. Dragon is angling down, but not yet thru Trend. This is a "Special" PA wave situation, but further complicated by the fact of a EUR high impact release coming in the next LS. So, we have increased possibility the MMs will continue to support price in order to suck in longs and get more of the big player short orders filled. The MMs might even take price back above the half number again. We just cannot know.
The summary is that this has definite bearish signs, especially with the high volume when the MMs took the price back above the upper whole number. But patience is required. Eventually - whenever it comes - a break down thru the whole number might be the actual trade signal. If this does not happen until tomorrow, the Dragon should by then be below the Trend. If today? If today, decide for yourself if to trade it while the Dragon is above the Trend. Just consider the possibility that the MMs will continue to range the price between the whole numbers until tomorrow, in order to further build positions, presumably short positions based on what we have here so far.
If all this is on track, and if you enter before the EUR release tomorrow, then keep in mind that there could easily be a significant stop hunt of shorts tomorrow.
tah