In summary , price is in downtrend and looks mean reverting to wkly.
Keep selling retraces , price likely go down to 1.1416 or even 1.1345
Keep selling retraces , price likely go down to 1.1416 or even 1.1345
- #114,602
- Sep 27, 2020 4:33am Sep 27, 2020 4:33am
- Joined Mar 2012 | Status: Trader | 1,983 Posts
I think a return to 1.178 neckline - just as a test of the downtrend is possible, but it's far from guaranteed. I would compare this situation to April of 2018, consider this weekly chart
The only thing going against this might be fundamentals, and that nothing has materially changed, with the Fed doing the most money printing, so theoretically the euro should continue appreciating against the dollar over longer-term time-horizons.
I guess in time we will see what happens.
The only thing going against this might be fundamentals, and that nothing has materially changed, with the Fed doing the most money printing, so theoretically the euro should continue appreciating against the dollar over longer-term time-horizons.
I guess in time we will see what happens.
- #114,605
- Sep 27, 2020 5:02am Sep 27, 2020 5:02am
- Joined Nov 2018 | Status: Trader | 1,051 Posts
{quote} I agree and have to repeat that there is too much code in institutions, that use libraries that are based on Fibo. Clear to see when you analyse charts. Just one problem remains: in which direction will the levels be hit? In your D1 example, this Friday could have used the 100%-78.6% as well. Especially after the green candle from Thursday. Anyway, here is the weekly: {image}The trend channel has been left and the candle closed outside. And now? Will it return back into the channel or is this the trend change?
I like your chart very much because they are simple but with great understanding.
A clear picture to analyze and understand. Simple but the best
.And as you said " Just one problem remains: in which direction will the levels be hit? "
I am also looking for that smart seasoned knowledgeable guy out there who is as sure as my Fibos who can
explain a trend in a sureshot way with some good pictures.
Have a good day
thanks & regards
- #114,609
- Sep 28, 2020 3:19am Sep 28, 2020 3:19am
- Joined May 2014 | Status: Full Time Trader | 27,132 Posts | Online Now
Focus only on what truly matters!
- #114,611
- Sep 28, 2020 4:22am Sep 28, 2020 4:22am
- Joined May 2014 | Status: Full Time Trader | 27,132 Posts | Online Now
Focus only on what truly matters!
- #114,612
- Sep 28, 2020 4:54am Sep 28, 2020 4:54am
- Joined Nov 2018 | Status: Trader | 1,051 Posts
hi
today's 1st hurdles in green and 2nd in yellows.
try to match your trade accordingly and reap the benefits and then post also the pips gained
thanks & regards
today's 1st hurdles in green and 2nd in yellows.
try to match your trade accordingly and reap the benefits and then post also the pips gained
thanks & regards
- #114,613
- Sep 28, 2020 5:05am Sep 28, 2020 5:05am
- Joined May 2014 | Status: Full Time Trader | 27,132 Posts | Online Now
Weekly Status Update
Just to remind you of the bigger picture:
Just to remind you of the bigger picture:
- Bulls may or may not go for a retest to previous breakout levels. But IF they do I believe it is limited with 1.1750/77 area as marked with yellow on chart..
- Overall I have the tendency to keep scalping longs on smaller timeframes but to stay alert so that I can catch the very next potential bearish continuation movement towards 1.1500 and maybe even lower..
I hope it helps 
Stay Green
Focus only on what truly matters!
- #114,618
- Sep 28, 2020 6:55am Sep 28, 2020 6:55am
- Joined May 2014 | Status: Full Time Trader | 27,132 Posts | Online Now
Focus only on what truly matters!
