New week starts in few hours.
Trend is the basis of all profits. Larry Williams
Totally Naked Two All Time Return:
-18.0%
- Joined Jul 2011 | Status: Member | 4,504 Posts | Online Now
- Joined Dec 2015 | Status: Member | 3,951 Posts
We may expect the EURUSD to continue a bearish disposition this week.
On the weekly time frame, in January 2018, the market made a 61.8 Fib retracement of the downward drop from the high of April 2014 to the low of December 2016 and is trading below a descending trendline (red) traceable to May 2011. An ascending trendline (black) traceable to the low of December 2016 was breached southwards in November 2018 and retested for a role flip in January 2019. Presently, price action on the weekly time frame is located around a multi-year S/R area and is in a consolidation phase. A breakdown of the area is likely to result in a momentum for a southward continuation. Any northward retracement is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, in January 2018, the market made a 61.8 Fib retracement of the downward drop from the high of April 2014 to the low of December 2016 and is trading below a descending trendline (red) traceable to May 2011. An ascending trendline (black) traceable to the low of December 2016 was breached southwards in November 2018 and retested for a role flip in January 2019. Presently, price action on the weekly time frame is located around a multi-year S/R area and is in a consolidation phase. A breakdown of the area is likely to result in a momentum for a southward continuation. Any northward retracement is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- Joined Dec 2015 | Status: Member | 3,951 Posts
Do your homework, follow the footprints of smart money
I am having a triple top on growth bar, good thing is it broke the upside already, looking forward to a huge spike upside 
Post event trader
One trade prophet All Time Pips:
1,817
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