Hi all,
just wanted to add my thoughts...
Euro finally got out of the muck of the 1.2750-1.2630 range, just to hit it's head on a trendline at 1.2825 and quickly retreat back to 1.2780, thus forming a pin bar on DAILY. However, since this still made it close higher than the week before on weekly, we have a two bar low with a higher close. This is bullish on weekly but contradicts the daily pin bar. I personally see support come in at the sameish levels as MoneyMa$ter stated for buying again, around 1.2730 and 1.2690-1.2700 area again. This makes playing the pin bar problematic, as there isn't much place to go, but any descent gives a chance to enter low for a play of the TBLHC on weekly.
Now, considering that gold however hasn't come out of it's sub-600$ misery yet, and that EURCHF was in descent and just today managed a first small bounce off the rising trendline, things are still wobbly. Oh, and euro has been in a 500 pip range for ages now
I think any middle ground crossovers will yield only a handfull of pips until clear decisive breaks on key levels happen, or if you catch the beginning of a transition of one s/r level to the next. (4h Vegas momentum method springs to mind e.g.)
No recommendations from me as outlook just is borked today, maybe tomorrow will give a clearer picture
I'm no expert.
just wanted to add my thoughts...
Euro finally got out of the muck of the 1.2750-1.2630 range, just to hit it's head on a trendline at 1.2825 and quickly retreat back to 1.2780, thus forming a pin bar on DAILY. However, since this still made it close higher than the week before on weekly, we have a two bar low with a higher close. This is bullish on weekly but contradicts the daily pin bar. I personally see support come in at the sameish levels as MoneyMa$ter stated for buying again, around 1.2730 and 1.2690-1.2700 area again. This makes playing the pin bar problematic, as there isn't much place to go, but any descent gives a chance to enter low for a play of the TBLHC on weekly.
Now, considering that gold however hasn't come out of it's sub-600$ misery yet, and that EURCHF was in descent and just today managed a first small bounce off the rising trendline, things are still wobbly. Oh, and euro has been in a 500 pip range for ages now
I think any middle ground crossovers will yield only a handfull of pips until clear decisive breaks on key levels happen, or if you catch the beginning of a transition of one s/r level to the next. (4h Vegas momentum method springs to mind e.g.)
No recommendations from me as outlook just is borked today, maybe tomorrow will give a clearer picture
I'm no expert.
Trust price. Know yourself.