was considering shorting but for me on daily we have inverted H&S pattern , so if it breaks above 1.2165 1.2175 it can become support and continue going up
, till tomorrow guys
- #127,205
- Feb 22, 2021 1:13pm Feb 22, 2021 1:13pm
- Joined Jun 2020 | Status: Trader | 1,175 Posts
Another day, another dollar.
- #127,207
- Feb 22, 2021 2:24pm Feb 22, 2021 2:24pm
- Joined Sep 2009 | Status: Trader | 6,009 Posts
I can see a case for a short scalp around here. A rising wedge is pointing towards a 1hr supply zone 1.2162-69. If it makes a push up to 1.2167/68 it might work. Would be maybe a 6 pip SL and 20 pip tp. I think it would coincide with DXY hitting S1 EDIT- shorted 1.2168, my stop is to BE already. Not looking for much, will play it by ear Looks like it will be stopped BE. A bit pointless entering trades at this time of day when price is just meandering sideways
- #127,210
- Feb 22, 2021 3:04pm Feb 22, 2021 3:04pm
- | Joined Feb 2021 | Status: Forex trader | 75 Posts
{quote} Looks like I was right again but I missed my entry by 2 pips AGAIN, I initially said I was going to short 1.21679 so it was my fault, but I hate missing these moves. The third move by 2 pips once again. If the 4 hour closes below 1.21555 , we could see the official beginning of a down trend.
But hey tomorow is a new day!
Btw i want to say HUGE THANK YOU to all expirienced traders here who are giving me motivation to continue my path as trader! THANK YOU !
- #127,212
- Feb 22, 2021 3:24pm Feb 22, 2021 3:24pm
- Joined Jan 2016 | Status: Trader | 1,309 Posts
Drawdown is more important than Account Size !
- #127,213
- Edited 6:19pm Feb 22, 2021 6:05pm | Edited 6:19pm
Well I got my short opportunity back with this 15 min bearish engulfing, shorted at MP with SL above the top. (1.2163 entry 1.21685 stop).
my strat says This is either gonna pull back to at least 1.2089 to go upwards or if we’re about to see a downtrend , well close below 1.2023 where we’ll have a pullback to 1.2089 before going back up or repeat step 1.
We can also go up more before dropping as that’s happened before (it’s not really a good time for a big move) , but there’s also a chance that we just see explosive aggressive buying power since the pullback to 1.203 was the necessary pullback to go up. However, that violated a few of my rules so I’m hoping that’s not the case
edit: IG shows it's an engulfing on the 15 but my charting software doesn't (was on mobile) which means I'm probably wrong and the drop/pullback won't happen until later as expected. I'll still stick to this trade for now
my strat says This is either gonna pull back to at least 1.2089 to go upwards or if we’re about to see a downtrend , well close below 1.2023 where we’ll have a pullback to 1.2089 before going back up or repeat step 1.
We can also go up more before dropping as that’s happened before (it’s not really a good time for a big move) , but there’s also a chance that we just see explosive aggressive buying power since the pullback to 1.203 was the necessary pullback to go up. However, that violated a few of my rules so I’m hoping that’s not the case
edit: IG shows it's an engulfing on the 15 but my charting software doesn't (was on mobile) which means I'm probably wrong and the drop/pullback won't happen until later as expected. I'll still stick to this trade for now
- #127,217
- Feb 22, 2021 7:30pm Feb 22, 2021 7:30pm
This one is E/U D1 chart, 100% zoomed out.
IMHO, it shows a trend reversal towards down.
There are two parts of this chart (A) and (B).
If we talk about chart (A) first, it started building momentum in Dec 2017 and finally reversed downwards with full momentum (see price volatility). Then it started loosing momentum and slowly and gradually squeezing down.
Look at the pic (B) now, again price started building momentum in Dec 2018 and finally reversed the trend towards upside but again it is loosing momentum now and i think we can see downtrend soon.
It is just an analysis, may be wrong, any idea!!!! 
IMHO, it shows a trend reversal towards down.
There are two parts of this chart (A) and (B).
If we talk about chart (A) first, it started building momentum in Dec 2017 and finally reversed downwards with full momentum (see price volatility). Then it started loosing momentum and slowly and gradually squeezing down.
Look at the pic (B) now, again price started building momentum in Dec 2018 and finally reversed the trend towards upside but again it is loosing momentum now and i think we can see downtrend soon.
It is just an analysis, may be wrong, any idea!!!!
- #127,220
- Feb 22, 2021 8:35pm Feb 22, 2021 8:35pm
- | Commercial User | Joined Feb 2010 | 8,031 Posts
Founder of Sutherland Wave Principle