EURUSD

Quoting F.g

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And FYI . . .I don't know what poor fellow Powell said or if there was a rate cut . . . . This might help fundamental traders . .

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Quoting 7154Superman

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{quote} See here how the purple line held the price down then red line held it up. I was sideways, not sure which way, but now I'm starting to lean bullish for FOMC and the rest of this week. But of course I could be wrong. I'm equally hedged though. Most likely price action will remain choppy both ways between 1.15 and 1.20 until the end of the year at least, so it's a good time to scalp, if you do it carefully. {image}{image}

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Quoting 7154Superman

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{quote} So, FOMC drove the price above the purple line, which indicates a clear bullish breakout. Now let's see if the purple line works as a support area to drive further bullish action. But if not, then it's likely to drop all the way back down to today's lows before finding support there and igniting further bullish action. I could be wrong. If the purple line continues to work as resistance, then I am suspecting more volatility both ways in the coming months, like higher highs and lower lows, but ultimately leaning more bullish until 1.200 area....

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Quoting 7154Superman

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{quote} I am continually amazed how well the lines I've drawn behave as barriers in both directions. In the 15 minute chart, see how the purple line resisted at first, right after FOMC? But then the volatility became too aggressive, so it broke through. And now, once again, the purple line stopped the price from dropping and so it bounced up again. Now let's see if the bears can slam it down hard enough to break through, then come on down to 1.16 area. If not, then more up we go, to the moon. {image} {image} {image}

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Quoting 7154Superman

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{quote} I decided to draw a new bullish trend line (blue) to see if price respects it if the bears break down through the purple line today. (It looks like they are trying to get set up to break through now.) It would coincide with 1.16434 area at 1:00 p.m. EST. Let's see what happens. I added a 4th short position at 1.17045. TP for all my shorts at 1.1639. No long positions open at the moment. {image}

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Quoting 7154Superman

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{quote} So, the purple line supported twice and now up we go. Next resistance is the blue line at 1.1756 area. Let's watch and see how this unfolds. I can add more shorts up there. {image} {image}

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Quoting 7154Superman

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{quote} And just like that.... The price smacked the blue line at 1.17595 just so, then it fell back some. Now, let's try hitting the fence again.... I entered a 6th short position now at 1.17551. TP yet to be determined...{image}

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