The friday close gives EURUSD a bearish tone for the next session:
EURUSD overnight analysis and pre market (NY session) forecast. Market behaving as forecasted yesterday.The pair still have the sellers in control, until the buyers show their hand, will keep taking short setups. Overnight session pushed the market even lower, we wanna see the sellers pushing it even lower with conviction during the NY session. So far market still making lower lows and highs, no climatic action as of yet to stop the down move. Weakness is present also in 15M and 1H timeframes.
EURUSD NY session wrap up: There was no follow through to the downside, buyers emerged, but not overtly, more of a hidden buying. Only big players have the deep pockets to support the market. But there are also big players selling hard, price stopped drifting up and is getting compressed, coiling up. It is gonna burst one way or another soon enough, my forecast still gives the bears the upper hand, so the prices have higher potential of keep going lower. If price doesnīt break the 1.09798 level with strength, conviction and follow through, price will keep developing lower. 1H, 15M and 5M timeframes all give the bears the slight edge.
- #32,087
- Sep 4, 2019 12:11am Sep 4, 2019 12:11am
- Joined Aug 2009 | Status: Reading the TAPE | 2,389 Posts
Without VSA, you're playing checkers while the Smart Money plays chess.
EURUSD overnight overview. Price kept going higher overnight, breaking the 1.098 level with high volume, conviction and follow through, as we wanted to see if prices were to keep going up. There was a picture perfect spring opportunity that, if taken, would still be in profit. Another buying opportunity was taken a while ago. Price got accepted inside the value area of the down trending day profile so we now have a 70% chance of price filling it up. Since value areas starting to overlap, is also good practice to merge the profiles into one single composite profile, it gives more info about the state of the market. Forecast for today gives the bulls the slight edge, but price is moving up more because of lack of supply than buying strength. Sellers have to show their hand before any attempt to short the market. 15M timeframe is a little ambiguous, but the 1H gives a cleaner reading of strength for now, price is at a supply area and seems to be holding gains, a bit too early to tell, but it looks like absorption.
- #32,096
- Sep 4, 2019 1:04pm Sep 4, 2019 1:04pm
- Joined Aug 2009 | Status: Reading the TAPE | 2,389 Posts
Without VSA, you're playing checkers while the Smart Money plays chess.
EURUSD quick update:
I didnīt check the ADR when I made the last post so, I noticed that the range of the day already exceeded the average so, the chances are low of price filling the value area today, but you know, the market will do whatever it wants, we play the probabilities. The TPO chart has just formed a selling tail after price touched the high volume node of the down trending day profile, it could be upthrusting the 1.10351 resistance, but sellers have to show their hand to give us a license to short.
I didnīt check the ADR when I made the last post so, I noticed that the range of the day already exceeded the average so, the chances are low of price filling the value area today, but you know, the market will do whatever it wants, we play the probabilities. The TPO chart has just formed a selling tail after price touched the high volume node of the down trending day profile, it could be upthrusting the 1.10351 resistance, but sellers have to show their hand to give us a license to short.
EURUSD NY session wrap up: Market kept pushing higher today, absorbing supply between 1.101 and 1.103, slowly and holding gains, a bullish sign. Long position entered earlier today still open, stop adjusted, feel like leaving this one running. Buyers still in control til sellers show their hand. Value developed higher and TPO chart closed above VAH, near the highs of session. 144 ticks chart is bullish. Forecast gives the edge to the bulls for now, even though the 1H is a little ambiguous, the 144 tick chart gives a cleaner reading of bullishness (filters the noise).
