EURUSD

Quoting F.g

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{image} I did some shorting here , now . SL as shown . . . Risky trade .

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Quoting Sandy1994

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The start of a new trend forming on the 4 hourly chart on EUR/USD. I can see he 123 patterns forming on a very bullish potential pattern forming. Lovely bullish pattern. I see it rising 40 pips. BUY EUR/USD. Even strength meter confirms potential further bullish momentum across almost all timeframes. {image}

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Quoting 7154Superman

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{quote} Yes, definitely risky there. I am still holding a short position without stop loss since yesterday at 1.15523 for TP at 1.1485. I had opened a second short today at 1.1597 and closed at 1.15845 for +12.5 pips. Now waiting to see what price action does to determine if I should hedge with a long or wait to short again from a higher position. I'm trading in the U.S.A. so I can't hedge on the same account. So, I use separate sub accounts for longs and shorts on Oanda.com, and am able to transfer funds instantly between the accounts. I've tried...

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Quoting NotAtrader

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{quote} I always look at multiple time frames and 1H shows MACD bearish divergence and some distinct RSI bearish divergence. I cannot be 100% sure, but looking at the charts through different time frames, I doubt that 1.1600 will be convincingly broken upwards. Day time frame is sloping down and approaching 200 SMA and EMA as well. Weekly time frame shows a bearish "J" pattern and monthly is in a bearish channel where the price has touched the upper channel and it is currently consolidating. This can be seen as a bullish flag, but it's a little...

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Quoting 7154Superman

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{quote} All good observations, yet always be aware of market realities that may violate those indicators you mentioned. The price action can behave irrational far longer than you're capable of holding your drawdown. Meaning, because of current macro market behaviors, there is a very real possibility of a double top on EUR/USD up to 1.208 until the end of this year before further downside price action. This double top would be a short squeeze and bull fakeout. What are the odds? {image}

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Quoting NotAtrader

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{quote} I know and you have a good point. The truth is the market is and has been irrational for quite a long time now which of coarse means that one cannot trust so much the indicators and all the different patterns as indicators and patterns are a function of the price action and not vise versa. So trading can be a little bit of lottery currently especially when Trump begins to tweet

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Quoting 7154Superman

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{quote} What do you think the daily time frame looks like here technically? In my opinion, if price goes down now, it shouldn't go down too much farther, maybe another 100-200 pips, then up again to make that double top. {image}

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Quoting 7154Superman

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{quote} I decided to hedge my short with a long position at 1.15784. Let's see how high it goes. {image} {image}

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