EURUSD

Personally I believe there is enough fear & uncertainty to stave of any bullishness for now. Having said that, there may be enough long positioning (buying) to create a range formation as Co-Vid fears continue.

Looking back, it's quite rare for a reversal to happen suddenly without a kind of distribution taking place. It does happen though and missing out would be a b*tch.

I'd most likely await news releases to confirm which direction prices will move. If there is any inside information floating about, get the money printers ready.

Ciao.

edit; to clarify... 'bullishness' I consider to be USD buying.

Lifting SL again up to 1.11 767

so play still bull on . limit 1145 / below 1156 ok next try , watching. serious health issue again & overhead corona with nasty chest may added all risk again !! so only 1-2 trades if works or not daily or if possible! take care

HIT....>>> FLAT

JY also hit at 106.90 ...>>> FLAT

Not in a hurry to decide a new trade.................... The possibility of new high towards 1.12 40-50 is still alive and well......

Watching safely now..................

It's more likely to dump. But you really never know until it happens.

This is all a learning experience. Any trader who acts like they have all the answers and doesn't make mistakes is a liar.

I have made some recent mistakes trading this pair, mistakes I should have known better than to make. My biggest mistake was failing to consider the negative impact the coronavirus would have on USD. People spoke of this before things really got bad, but I wouldn't listen. I should have listened!

But I still believe that when it is all said and done, my losers will have turned into winners and I will be hundreds of pips in profit.

My takeaway from this is (and this is just my opinion) that it is better for me to hedge, to trade against sentiment and to trade with sentiment when it makes sense to do so. In other words, buy and sell. Will there be drawdown? Yes! But price doesn't move in the same direction forever.

Patiently waiting to place trades at high probability turning points, and not allowing fear to interfere with my trading plan, is my key to success.

$JY 106.50 LONG here........

Greedy Euro bulls are going to get slam dunked soon!

Are you sure about that?

E, H= 1.12 17 and JY L=106.25 .... We are not far from a top and bottom , respectively... Patience.....

Do you see the divergence and diminishing volume? It indicates the bullish activity is losing steam. It's only a matter of time before this corrects.

It can't go up forever.

Time for a mind puzzle since there is no sense in trading this right now, answer will come later today.

What can go up and down but never but never moves? (Hint: Has nothing to do with Forex) Anybody want to make a guess?

Staircase

It's certainly not retail traders who are doing this, as longs are currently at 30% and shorts are at 70%, according to IG.

Market manipulators in the Forex market strike again! How high will they push it? Nobody knows but the insiders.

UP............ 1.12 40 -50 is upon us @@!!!

Actually that is a very good answer, however in this case incorrect.