Based on H4, a fresh bearish breakout has just happened or is happening as we speak.. Now I want bears to protect the circle rim... If they can do that, price then could stay below 1.0898 from here on forwards.. Let's see how it plays out.. Calling it a day... With God's permission, we meet again after London opening.. Peaceout.. {image}
Can We Look FOr Sell ? {image}
Just identified a new SL (Stop Loss) zone for those anticipating a potential price rebound to the upside. This zone is key for my sell entry point strategy. Let's ride the waves together and make some profitable trades!
Based on H4, a fresh bearish breakout has just happened or is happening as we speak.. Now I want bears to protect the circle rim... If they can do that, price then could stay below 1.0898 from here on forwards.. Let's see how it plays out.. Calling it a day... With God's permission, we meet again after London opening.. Peace
The longer I trade, the more convinced I am that blatantly obvious technical set ups are just that...a set up for the powerful to take retail out. Any zero sum game should be entered with caution. Retail will allways be the food for fat cats. No idea where EU is going next......but unfortunately, the big banks do.
after the CPI data that went against the EUR , but somehow the EUR went sky high.. it's obvious. It wasn't always like that. I am a newer member here but I know traders that have been in this a long time that even where a bit took back. I took myself out from a short 1.089 after it got to 1.08675 and today it has been both up & down - though the USD data came in red. Big liquidity manipulation. With EUR I am staying out until I see more confluences in a certain direction. Gold & DXY are responding similarly rn so keeping an eyes on those as well. I currently do expect short, but wouldn't be surprised at another push to 1.0894
Just a thought: 81.6% of retail are short EUR/USD (source FX Blue). You could be forgiven for thinking that rampant collusion between the powerful participants prevented this pair from dropping today. Data suggested it should have fallen sharply, but no. It's a zero-sum game and the powers that be were never going to allow 81.6% of retail to extract profit from their game. Just a theory.
Assuming all that is true, patterns dont work, data is exagerated and then revised a month later, what constitutes a good trading strategy then? It feels like gambling sometimes
Today I am at 40% so I have just been watching & set my alert triggers for certain key levels. Better to keep $100 than to loose $100 & make 100% just to be back lol. I expect a good move maybe 12-2EST in a a decent direction since NY session had no idea where to take it.
Assuming all that is true, patterns dont work, data is exagerated and then revised a month later, what constitutes a good trading strategy then? It feels like gambling sometimes
I have 1.082-1.083 as longer time frame support & 1.074 as a major support that can dictate trend direction in then long term run.
EUR/USD dropped to match 1.0854 at Asia but the uptrend is not yet over with the upside only a move below 1.0812 will finish it. More support above is located at 1.0832 should be enough to hold a deeper fall then resistance is at 1.0895 and 1.0942 but watch the upper side of the channel and at 1.0925 supply level bears may be stronger than the bull up there. Daily volatility (range) 37 pips Option expiries for Friday: 1.0850 (EU2.6b), 1.0915 (EU954.6m), 1.0875 (EU886.7m) source: financialjuice.com 4 hours {image} Green pips!
