{quote} They are warming their engines because it's going to be a long ride. We have hit third resistance on weekly, which should be the max logically for the week. It's just a matter of time now. There's no more room to go but down
- #174,162
- Jun 15, 2023 11:05am Jun 15, 2023 11:05am
- | Commercial User | Joined Jul 2013 | 7,881 Posts
We watch the charts from every angle so you don't have to!!
- #174,163
- Jun 15, 2023 11:09am Jun 15, 2023 11:09am
- Joined May 2014 | Status: Full Time Trader | 27,096 Posts
We are almost there... soon the vacuum effect will be triggered.. hold your horses... 
Focus only on what truly matters!
- #174,165
- Jun 15, 2023 11:15am Jun 15, 2023 11:15am
- Joined May 2014 | Status: Full Time Trader | 27,096 Posts
{quote} Thanks Ata! How sure are we based on the fundamentals?
Focus only on what truly matters!
- #174,170
- Jun 15, 2023 11:27am Jun 15, 2023 11:27am
- Joined Oct 2018 | Status: Risk comes from not knowing what to | 2,233 Posts
{quote} My friend I think your phone does not work
Risk comes from not knowing what to do
- #174,174
- Jun 15, 2023 11:48am Jun 15, 2023 11:48am
- | Commercial User | Joined Jul 2013 | 7,881 Posts
I'm shorting on 1.09388 and 1.09290 Good luck guys
We watch the charts from every angle so you don't have to!!
{quote} nothing is sure in markets, when we said " There's no more room" the market make the room, stay safe do not predict tops.
I am sure that your words are VERY important. In the past 4 years, I always wanted to catch tops and bottoms, I was always thinking that bulls couldn't push any higher, I was selling more and more and when the price was near the local top I stopped shorting because I was losing my faith in declines. From this point, there were 2 options: 1) all I got from the market was a small 23% fibo retracement and continuation up, 2) I chickened out and get rid of my shorts, and of course, the price went go down in the evening or the next day (pump & dump) with huge losses for me.
Now I am trying to ride with a trend - assumption: the market will continue the trend, especially if it stays longer in a critical place where a correction should occur. The next thing to notice is that it is hard to change the trend - to do so we should get some formation.
But back to the business - I have today listened to many forum members with bigger knowledge and experience than mine and went short from 1.09100. Over the years I saw repetitive price action: on EURUSD chart we could see:
1) trend change formation,
2) not very steep upward channel,
3) wedge pattern with spike up,
4) break out of wedge pattern in up direction,
5) price is gaining VERY strong momentum - first warning was more steeper upward movement which was transformed into wedge
Above is my worst nightmare. I believe that price could go to 1.10/1.11 without much retracement.
Such a big moves are caused by fundamental reasons:
1) yesterday's FED was more hawkish (2 hikes in this year) but the US data doesn't convince the market,
2) ECB/Lagarde - there is no question of a pause in interest rate increases + there is still a lot of room for further policy tightening
I am not feeling good / confident with my short positions
Most of us here selling these levels around 1.0930-40 , now I thinking can shenanigan banks take it higher and hit our SL
Don't use SL - broker/banks know logical levels where people set SLs and often takes them down (so use them as targets instead).
I believe than in this situation (if I believe in uptrend continuation on EUR) it is better to hedge my positions (with negative long swaps
)