After successfully staying above 1.1260 area, bulls will now try to create a new higher high.. Meanwhile, they will also hope that price stays above nearest support: 1.12955 area..
*There is a W pattern hidden here, which looks like an imperfect, distorted "bearish bat". The pattern is not legal since its C leg exceeds the A leg BUT stupidly market still can go for a retest to 1.1285.. I personally ignore it though, and hope that we don't have to deal with bat sh*t!
**My short term targets are roughly around 1.1370/1.1410 area..
Joined Sep 2020
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Morning everyone !
Today I am really fighting the elements ! I am talking about replacing my usual espresso + pastry with oatmeal and tea !
Back to Eurusd. I'm 2 shorts in the red but holding on. And now adding my last allowed accepted setup since omicron surprise, sell stop 1.13310
I have hedging strategy in place for all my instruments because of omicron potential surprises.
Having so many positions with many instruments, and each with their own very different protocol, it is better to wait it out rather then close and reopen because the the myriad of differing managing approaches.
Each have their own average set level to be locked in at (hedged). Eurusd positions will be locked in at high + 5 in exactly 2 hours. To be released at first .1331, dynamic level.
I have gone long with two targets I aim at: 1.13495, 1.1381. Happy trading anyone!
Yvestrcz ! Just saw your post. I hope you get at least your .13495 ! My own short is dependent on this here being a good'ol 1H double top yet to be confirmed; got in from a 5min countertrend setup.
To be confirmed, it can go as high as it can (even .1381, so we could both get our share of the pie )
As long as it shoots back down to below .1305 today, but just as fast and/or steady, and I will be satisfied and call it a dblTop even though it will look nothing like one .
My most crucial levels for me is right here(probable middle if goes into ranging mode) and, the level that could release even more furious bull OR stop them in their track and give way to a bears takeover: 1360s, which also acted as a significant support mid-month.
This bull rallye looks good so far as retail longs are decreasing, now down to 56% from above 70%. But 1.1380 is a big obstacle on the weekly and on H4 as well, so might be worth a short, personally I will wait for an intraday reversal pattern before I open a short on top of my longs.