EURUSD on D1
As it stands, price has still not built a ST Bottom in this TF.
Only valid TA bottom in the area is the 2017 LT Bottom @ 1.058x.
2017 LT W1 SL rejection 1.068x has floored the flow so far.
(Structure of LT Bottom available here btw :
)
However, price is now trying to build a ST Bottom @ 1.083x in this TF, which was, coincidentally or not, the previous ST Bottom before panic via global lockdown wiped it out. Last Friday, it failed to do so as it couldn't hold the break up @ 1.099x (failed because of the M close ?) but taking now its extension @ 1.102x will trigger a reversal up and set that ST bottom.
Regarding ST Top, it sits @ 1.116x and was set by that previous panic flow.
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- Map I have on D1 is :
ST BOTTOM 1.058x <-- 1.068x <-- ST FLIP 1.083x --> 1.109x --> ST TOP 1.116x
- If we break up, new map will be :
ST BOTTOM 1.083x <-- ST FLIP 1.099x --> ST TOP 1.116x
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My bias on EURUSD is bullish, simply from a monetary policy perspective. Macro data are unreadable (lets say it : irrelevant (from a pure Fx perspective obviously)) via global lockdown, and risk/panic looks set to take a rest till early June (when we will be able to gauge the impact of re-opening economies on health front) so trading monetary policy only doesn't look a bad choice in my mind
Trade's idea :
Long 1.091x TP1 1.099x TP2 1.109x TP3 1.11x STP 1.086x (a decent max risk 50 pips : min reward 80 pips)
As it stands, price has still not built a ST Bottom in this TF.
Only valid TA bottom in the area is the 2017 LT Bottom @ 1.058x.
2017 LT W1 SL rejection 1.068x has floored the flow so far.
(Structure of LT Bottom available here btw :
DislikedEURUSD No swing to call yet but a quick look at 2017 LT Bottom structure : {image}Ignored
However, price is now trying to build a ST Bottom @ 1.083x in this TF, which was, coincidentally or not, the previous ST Bottom before panic via global lockdown wiped it out. Last Friday, it failed to do so as it couldn't hold the break up @ 1.099x (failed because of the M close ?) but taking now its extension @ 1.102x will trigger a reversal up and set that ST bottom.
Regarding ST Top, it sits @ 1.116x and was set by that previous panic flow.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
- Map I have on D1 is :
ST BOTTOM 1.058x <-- 1.068x <-- ST FLIP 1.083x --> 1.109x --> ST TOP 1.116x
- If we break up, new map will be :
ST BOTTOM 1.083x <-- ST FLIP 1.099x --> ST TOP 1.116x
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
My bias on EURUSD is bullish, simply from a monetary policy perspective. Macro data are unreadable (lets say it : irrelevant (from a pure Fx perspective obviously)) via global lockdown, and risk/panic looks set to take a rest till early June (when we will be able to gauge the impact of re-opening economies on health front) so trading monetary policy only doesn't look a bad choice in my mind
Trade's idea :
Long 1.091x TP1 1.099x TP2 1.109x TP3 1.11x STP 1.086x (a decent max risk 50 pips : min reward 80 pips)
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