The descending triangle on H4 was broken by the price on its way downwards. (1.1909) The price might dip anywhere from 50 to 150 pips.
Risk Management is of utmost importance!
- #128,701
- Mar 16, 2021 8:20am Mar 16, 2021 8:20am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
- #128,702
- Mar 16, 2021 8:26am Mar 16, 2021 8:26am
- Joined May 2014 | Status: Full Time Trader | 27,300 Posts
Once again just to remind you: I am not selling this (not yet).. On Sunday I mentioned that price dropping directly towards 1.1875 levels on Monday would be (imho) just a "delay" operation of robber banks.. I stick to my bias that sooner or later 1.2010 has to be retested..
Now, based on DAILY chart, for today and tomorrow I will watch reaction of 1.1873 support area.. As long as that area rejects bears we eventually should have a wave C up to finalize this bullish correction.. Time will tell..
Now, based on DAILY chart, for today and tomorrow I will watch reaction of 1.1873 support area.. As long as that area rejects bears we eventually should have a wave C up to finalize this bullish correction.. Time will tell..
Focus only on what truly matters!
- #128,703
- Mar 16, 2021 8:31am Mar 16, 2021 8:31am
Second "Death Cross" (50ma undertaking 100 ma) confirmed on 15 min chart... first res 1.1875 will take profit there for now if Ata is right, and he usually is 
Over 1500+ confirmed sniped pips... and counting...
- #128,706
- Mar 16, 2021 8:38am Mar 16, 2021 8:38am
- Joined Nov 2018 | Status: Trader | 1,051 Posts
Once again just to remind you: I am not selling this (not yet).. On Sunday I mentioned that price dropping directly towards 1.1875 levels on Monday would be (imho) just a "delay" operation of robber banks.. I stick to my bias that sooner or later 1.2010 has to be retested.. Now, based on DAILY chart, for today and tomorrow I will watch reaction of 1.1873 support area.. As long as that area rejects bears we eventually should have a wave C up to finalize this bullish correction.. Time will tell..
- #128,708
- Mar 16, 2021 8:46am Mar 16, 2021 8:46am
- Joined Oct 2010 | Status: Trader | 4,465 Posts
Follow The Markets Structure - Patience and Discipline
- #128,709
- Edited 9:49am Mar 16, 2021 9:37am | Edited 9:49am
- Joined Nov 2019 | Status: Trader | 1,121 Posts
- #128,710
- Mar 16, 2021 9:37am Mar 16, 2021 9:37am
Once again just to remind you: I am not selling this (not yet).. On Sunday I mentioned that price dropping directly towards 1.1875 levels on Monday would be (imho) just a "delay" operation of robber banks.. I stick to my bias that sooner or later 1.2010 has to be retested.. Now, based on DAILY chart, for today and tomorrow I will watch reaction of 1.1873 support area.. As long as that area rejects bears we eventually should have a wave C up to finalize this bullish correction.. Time will tell..
- #128,711
- Mar 16, 2021 9:41am Mar 16, 2021 9:41am
- Joined May 2014 | Status: Full Time Trader | 27,300 Posts
Focus only on what truly matters!
- #128,715
- Mar 16, 2021 10:42am Mar 16, 2021 10:42am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
Once again just to remind you: I am not selling this (not yet).. On Sunday I mentioned that price dropping directly towards 1.1875 levels on Monday would be (imho) just a "delay" operation of robber banks.. I stick to my bias that sooner or later 1.2010 has to be retested.. Now, based on DAILY chart, for today and tomorrow I will watch reaction of 1.1873 support area.. As long as that area rejects bears we eventually should have a wave C up to finalize this bullish correction.. Time will tell..
Concur. I've set out yesterday and today for EURUSD and other EUR pairs. Waiting for either the bottom for good buy entry or until complete range breakout. Would scalp the range but don't feel like messing with it this week, too little movement for my tastes.
- #128,717
- Mar 16, 2021 11:25am Mar 16, 2021 11:25am
- Joined May 2014 | Status: Full Time Trader | 27,300 Posts
Focus only on what truly matters!
- #128,720
- Mar 16, 2021 8:43pm Mar 16, 2021 8:43pm
My Plan for Today
EU CPI at 6:00 EST
US Building Permits at 8:30 EST
FOMC at 2:00 EST
FOMC Press Conference at 2:30 EST
Triangle broke yesterday, and the daily closed under the breakout level, still in last week's range though.
Currently things seem like a waiting period before FOMC today.
While I'm not crazy of yesterday's action post-breakout, my bias has to stay short since:
1 - the triangle structure held action under 1.20
2 - it still managed to break a level where bulls had taken a 3-day stand
3 - the break pushed price down another level (under 50% level) of the last week's range
I know there is argument for a rally by some other traders, and I totally respect that, but I just cannot bring myself to buy this while structure continues to be built and broken downwards.
Who knows what FOMC brings today though...
Day Trade Plan
Last day of the week for me as I will be traveling tomorrow.
I'm gonna tread very carefully, but look for small rallies for short opportunities should they arise.
Since this is the lower half of last week's range, trying to short the lows might get my face blown off.
Swing Trade Plan
Can't do anything here. Shorted more on the breakdown yesterday, now I'm at the mercy of FOMC. Ideal scenario would be if the week closes out a red bar which might lead to more momentum.
W1 - possible end of week scenario?
EU CPI at 6:00 EST
US Building Permits at 8:30 EST
FOMC at 2:00 EST
FOMC Press Conference at 2:30 EST
Triangle broke yesterday, and the daily closed under the breakout level, still in last week's range though.
Currently things seem like a waiting period before FOMC today.
While I'm not crazy of yesterday's action post-breakout, my bias has to stay short since:
1 - the triangle structure held action under 1.20
2 - it still managed to break a level where bulls had taken a 3-day stand
3 - the break pushed price down another level (under 50% level) of the last week's range
I know there is argument for a rally by some other traders, and I totally respect that, but I just cannot bring myself to buy this while structure continues to be built and broken downwards.
Who knows what FOMC brings today though...
Day Trade Plan
Last day of the week for me as I will be traveling tomorrow.
I'm gonna tread very carefully, but look for small rallies for short opportunities should they arise.
Since this is the lower half of last week's range, trying to short the lows might get my face blown off.
Swing Trade Plan
Can't do anything here. Shorted more on the breakdown yesterday, now I'm at the mercy of FOMC. Ideal scenario would be if the week closes out a red bar which might lead to more momentum.
W1 - possible end of week scenario?