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  • #132,581
  • May 20, 2021 5:49am May 20, 2021 5:49am
Sure - attached on M30 - it is not a particularly nice wedge, just a hint of a wedge, but I like the longer downward sloping support with slightly negative slope. Those are often good, though the fit is not optimal here, was just trying to find anything which could make sense in the short term graph.
Attached Image (click to enlarge)
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Another day, another dollar.
  • #132,582
  • May 20, 2021 5:57am May 20, 2021 5:57am
u a using M15,M30, for me its too small timeframe
I see triangel
Trendlines H1,H4, SMC
  • #132,583
  • May 20, 2021 6:07am May 20, 2021 6:07am
Usually I watch H4, but the situation is not clear. We broke back into the H4 rising wedge yesterday but it is trying to get out to the topside again, while the DXY H4 falling wege is still unviolated.
If 1.2206 keeps rejecting it might retest 1.21 soon, but then there also is a massive horizontal support at 1.2175 for H4. So if 1.2206 keeps rejecting a retest of 1.2175 is very likely, outcome unclear. If 1.2206 breaks to the upside we might make a new high at 1.2260 as there are still too many shorts and then collapse again, like Ata outlined. Foggy picture for me.
Another day, another dollar.
  • #132,584
  • May 20, 2021 6:13am May 20, 2021 6:13am
Quoting josip
my view Long until the lower yellow line is broken moving in triangle R yesterdays High simple {image}
hi man, thanks for sharing!
Question: your r2 has one touch only, r1 two touches. how you know these lines have any significance? imho for any line having significance it should be at least 3 touches…
  • #132,585
  • Edited 6:51am May 20, 2021 6:33am | Edited 6:51am
Quoting nic9man
Usually I watch H4, but the situation is not clear. We broke back into the H4 rising wedge yesterday but it is trying to get out to the topside again, while the DXY H4 falling wege is still unviolated. If 1.2206 keeps rejecting it might retest 1.21 soon, but then there also is a massive horizontal support at 1.2175 for H4. So if 1.2206 keeps rejecting a retest of 1.2175 is very likely, outcome unclear. If 1.2206 breaks to the upside we might make a new high at 1.2260 as there are still too many shorts and then collapse again, like Ata outlined....
M30, what is the result of this wedge?
Attached Image (click to enlarge)
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Trendlines H1,H4, SMC
  • #132,586
  • May 20, 2021 6:36am May 20, 2021 6:36am
Quoting sartu
Buy at 1 21845 SL 20 Pips and TP 20 Pips. Hoping retest today's High {image}
Closed manually at 1.2200 got +16pips
  • #132,587
  • May 20, 2021 7:17am May 20, 2021 7:17am
update
another option
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Trendlines H1,H4, SMC
  • #132,588
  • May 20, 2021 7:17am May 20, 2021 7:17am
Quoting Js3mwtRc
{quote} I am short from 2196 no stop loss yet hitted. Good luck next time!
Anyways lets wait and see
  • #132,589
  • Edited 8:15am May 20, 2021 7:45am | Edited 8:15am
Good morning all, having my break and thought I'd pop by.

Today, bulls have been slowly picking up momentum since the last news spike down.

For me, now, we are almost out of no man's land !

Heres a first and awful incomplete doodle... remember this is on shorter term, here 15m, and bears still have some control gained from yesterday... There should also be a upper limit that should not be breached for bears to take momentum if it goes back below said line...

I do not use these to trade of course. They are quick and approximate glances at present dynamics.

But that is where it starts, baby steps from the short-term. Cheers all.
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If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #132,590
  • May 20, 2021 7:46am May 20, 2021 7:46am
I still expect to see a new HIGH of the week
1.2170-1.2175 is the LOWEST retracement I see possible before continuation to the UP side.
  • #132,591
  • Edited 8:02am May 20, 2021 7:48am | Edited 8:02am
I think we may see a rising wedge and reach 1.23 by (around) the 26th of this month (Wednesday when most dooms days occurs) and see a huge bearish movement on the last days of the month.

Also gold just broke from a long bearish trend line (not sure if a fake break but worth mention) this could indicate a weaker USD.

PS: I'm 'new' to forex so please feel free to correct me in any of my statements and take my words with a grain of salt as I'm not an experienced trader, regardless I hope I can share my thoughts

Cheers
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  • #132,592
  • May 20, 2021 7:53am May 20, 2021 7:53am
Yesterday
And today so far.
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  • #132,593
  • May 20, 2021 8:15am May 20, 2021 8:15am
This price sneaking right under the crucial resistance range 1.2208 to 1.2215 without getting rejected is telling me "beware of the bulls". For that reason, I am staying on the sidelines until this gets resolved.
  • #132,594
  • May 20, 2021 8:15am May 20, 2021 8:15am
Quoting Esbuga
I think we may see a rising wedge and reach 1.23 by (around) the 26th of this month (Wednesday when most dooms days occurs) and see a huge bearish movement on the last days of the month. Also gold just broke from a long bearish trend line (not sure if a fake break but worth mention) this could indicate a weaker USD. PS: I'm 'new' to forex so please feel free to correct me in any of my statements and take my words with a grain of salt as I'm not an experienced trader, regardless I hope I can share my thoughts Cheers {image}
This scenario is definitely in the cards, though there are other versions of this wedge which only go to 1.2250. But in the 1.2250-1.23 region we would have a high probability of a quick drawdown. Euroland PMIs tomorrow could bring some movement.
Another day, another dollar.
  • #132,595
  • May 20, 2021 8:30am May 20, 2021 8:30am
Pending Sell @ 1.2228

SL 30 pips

TP 1.2180
  • #132,596
  • Edited 8:56am May 20, 2021 8:32am | Edited 8:56am
And with complimenting views.



Quoting mtako
Good morning all, having my break and thought I'd pop by. Today, bulls have been slowly picking up momentum since the last news spike down. For me, now, we are almost out of no man's land ! Heres a first and awful incomplete doodle... remember this is on shorter term, here 15m, and bears still have some control gained from yesterday... There should also be a upper limit that should not be breached for bears to take momentum if it goes back below said line... I do not use these to trade of course. They are quick and approximate glances...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (3449).png Size: 73 KB
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #132,597
  • May 20, 2021 8:38am May 20, 2021 8:38am
Quoting Traderview
Pending Sell @ 1.2228 SL 30 pips TP 1.2180
Why?
Another day, another dollar.
  • #132,598
  • May 20, 2021 8:41am May 20, 2021 8:41am
Quoting nic9man
{quote} This scenario is definitely in the cards, though there are other versions of this wedge which only go to 1.2250. But in the 1.2250-1.23 region we would have a high probability of a quick drawdown. Euroland PMIs tomorrow could bring some movement.
Yep I agree, that was just an overall representation and a raw overview things could escalate way before, specially with the calendar ahead for the next week . I'm definitely not buying if the prices goes past 1.2250 at these levels, buying, is playing with fire xD
  • #132,599
  • May 20, 2021 8:43am May 20, 2021 8:43am
Quoting nic9man
{quote} Why?
A TL. And if it broke above 1.2230, the next big resistance zone is 1.2258 - 1.2278.
  • #132,600
  • May 20, 2021 8:46am May 20, 2021 8:46am
Quoting nic9man
Guys, if the only tool you have is a hammer everything looks like a nail. For me this is starting to look like a falling wedge on M15 which is about to break.
Attached Image
OOPS...
...because you never know - until you do!
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