Trends have a higher probability of continuing than not.
- #137,702
- Aug 10, 2021 6:02am Aug 10, 2021 6:02am
- Joined May 2014 | Status: Full Time Trader | 27,145 Posts | Online Now
Reposting my Weekly Chart
- Breakout from earlier wedge could signal an upcoming bullish period BUT meanwhile bears are still trying to hit 1.1666 area (and with momentum even 1.1611)
- 1.1713 is important on monthly (monthly levels can't be precise, so give or take 30 pips)
- Environment is bearish yes, BUT this business consists mostly of sideways pa or pullbacks, so nothing is just going into one direction forever.. Important S/R levels and timing matter most!
I hope it helps 
Focus only on what truly matters!
Reposting my Weekly Chart Breakout from earlier wedge could signal an upcoming bullish period BUT meanwhile bears are still trying to hit 1.1666 area (and with momentum even 1.1611) 1.1713 is important on monthly (monthly levels can't be precise, so give or take 30 pips) Environment is bearish yes, BUT this business consists mostly of sideways pa or pullbacks, so nothing is just going into one direction forever.. Important S/R levels and timing matter most! I hope it helps
Trends have a higher probability of continuing than not.
- #137,705
- Aug 10, 2021 6:40am Aug 10, 2021 6:40am
- Joined Dec 2015 | Status: Trader | 2,290 Posts
Trendlines H1,H4, SMC
Daily candles are too aggressive to look at any longs for now. Got to wait and see the price reaction to 1.17000 area and how the bulls will (if they do) come in at that spot, the market needs a correction, we are in a streak of almost 8 days in a row with daily candles closing bearish, its all about waiting and reading the signals the chart gives us and then capitalize on it 
We are in a critical zone like Ata said before
We are in a critical zone like Ata said before
A vision without action is merely a dream.
- #137,713
- Aug 10, 2021 7:39am Aug 10, 2021 7:39am
- Joined Jul 2007 | Status: Trader | 3,577 Posts
It is quite apparent that bulls have been approaching the situation quite resignedly for most of the day. Much as I can recall some of you writing about the probability of bulls kicking in out of the blue, still I sense the contrary is being cooked - another sudden drop to harvest the incredible prevalence of retail buyers (if the sentiment figures can be trusted, of course).
...because you never know - until you do!
- #137,714
- Aug 10, 2021 7:46am Aug 10, 2021 7:46am
- Joined Apr 2020 | Status: Offline | 3,298 Posts
"Exchange of hands"
- #137,715
- Aug 10, 2021 7:53am Aug 10, 2021 7:53am
- Joined Jul 2007 | Status: Trader | 3,577 Posts
We're getting closer to 1.17
...because you never know - until you do!
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- #137,717
- Aug 10, 2021 8:17am Aug 10, 2021 8:17am
- Joined Oct 2013 | Status: Trader | 1,079 Posts
Refer back to the beat ticker
This is not a break out, it is a soft landing in a fishing net
This is not a break out, it is a soft landing in a fishing net
- #137,719
- Aug 10, 2021 9:01am Aug 10, 2021 9:01am
- Joined Jul 2007 | Status: Trader | 3,577 Posts
A possible Weekly Mitigation play...{image}
...because you never know - until you do!