EURUSD Full Analysis
Dollar Traders Have you All Checked This??
After last Friday around 150-200 pips upward move from EURUSD puts Dollar traders into big trouble, as if you look into MN1 and W1 chart below, you will see EURUSD is looking to create the history back of 2003, when Euro price fell heavily beforehand since from 1998 and then retraced back to new highest level within that 2013 year and keep moving further till 2007 to create another highest bullish price level. The final bullish breakout move in 2003 was after breaking the final rising wedge pattern with high RSI level over 80 and ADX level over 35, (please check both MN1 & W1 time frame chart picture). Last Friday, just by miracle or luck EURUSD price got bounce back by the current rising wedge pattern upper trend line and both time frames MN1 + W1 having slight lacking with its RSI + ADX level and Ichimoku strong cloud was not there, compare to 2003, gives us bit relief that history may not be repeated again. This also outlines that on this Monday, if price does not move further upward from the rising wedge upward trend line 1.2230-1.2240 and start falling then for this time history is not going to repeated back, rather short time retracement can take place toward rising wedge lower trend line around up to 1.1900. And If by chance broken that level then then Greenback will have another chance to rise over Euro for sure.So all Dollar traders those who looking to short Euro, keep this in your mind as from next week or Monday big bull can flood over to wipe out all your stake. Lastly, Monday is USA Holiday. so no news expectation as well the good news is that Euro has no news expectation too, so market may not have the power to move further up, because most time frames are over bought, so there is chance for a good retracement but that cloud be highly unlikely, if history of 2003 is about to gonna happen. If I give one more final say that all dollar traders like me have done the greatest mistake in life by going against this history repeating trend formation from the culprit Euro....!!!!
same 11th hour bailout
@tanjilkamal: are you saying eur/usd will crash soon?
hi,does anyone know where i can get market sentiment online
EUR long 145K vs 128K last week. Longs increased by 17K lol!
last week increased by 36k to128, this week we are at 145k record high lol!
More price action homeowork for the weekend for those interested.
I showed projection a depth in order to understand and guage a trends strength with quite abit good feed back id thought id post another bit of price action information here for you all to study today.
This is whats known as candle stick patterns.
Now before we do look at this particular candle stick pattern you cant just go trading these everytime you see them its a trigger for a trade but only once weve done the rest of the work
Define momentum (strength/weakness)
Have a bias
Look for entry
This is our edge
Anyway take a look at this one of 10 candlestick patterns i use some may know this but this is what is known as a Harami (which means pregnant or mother in japanese i think)
For a bullish Harami we need a bear candle followed by a smaller bullish candle stick that does not exceed the bear candle high or low and stays within the bears candle body.
Think of it as a mother carrying a child.
Note how all 3 bullish harami's would have got you into green pips with your stop being at the low of the bear canlde or just a few pips lower.
We only take these at points of interest
First one was at a key resistance turned support
The second one was on the dynamic support of the moving average
The third was at a lower high.
I entered my trade just above at 1.20505 only reason being this is a big round number which could have a psychological effect and with all the short bias i didnt want to enter at a top so once this leve, was broke i was in.
I had my structure
I had my trend confirmed
I used P and D to gauge momentum as shown
I had my bias
This was my tigger providing it could break resistance at 1.20500 (shouldnt really buy into resistance but i took the risk once it broke)
Now there are plenty more diffrent candle stick patterns on this chart you guys will have to do your home work. Once you have review chart notice how many counter trend price action candle sticks there are and how they didnt really equate to profit........dont fight the trend.
The path of least resistance will show an increase in volume.
Against the trend will show volume drying up.
Another way to get your trend bias and judge movments.
but a lot of guys in here and other threads of the interactive section , just love to be contrarians and fade the current uptrend on the EurUsd
Ill look at the strength of the next retracement
For now bullish so im looking for a weak pull back maybe to
1.21500 big round number or 1.21340
If it breaks my swing low at 1.21220 ish ill be bearish bias
but we should keep trading pullbacks separate from trading trends
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