DislikedFew EU charts.....I see a reversal pattern occuring. Given we are at the 61.8 retrace of the drop since 1.5145. We have been ranging over the last 2 weeks on the daily between 1.38 and 1.41. There is obvious supply entering around here which is visible from the high volume daily Pins forming. The monthly bar is showing VSA signs it is to complete as a high volume churn bar which is a strong reversal sign. I wouldnt jump in short right yet but wait for the 4 hour head and shoulders formation to break its neckline and wait for the pullback before...Ignored
Good to see views and ideas being exchanged on the thread.
Not posted much lately as I didnt see the point in repeating medium term anaylsis....Been waiting for EU to break HnS neckline so futher medium term shorts can be added. Intraday scalping as usual.
Must admit I was not expecting a stop clearer to the extent we got one which was price rallying to 1.4289 between 28th Oct and 4th Nov. Soon as we had 2 consecutive daily downbars with high volume the move up was confimed as a stop clearer which gave excellent opps to open discounted short positions. Currently short 1.3925 with BE stop, 1.3755 with BE stop and 1.3625 stop at 1.3750. I have TP target of 3310 which is 61.8 fib of the last daily rise and also previous daily swing high.
I have attached upto date charts and previous 2 EU posts for those not aware of my technical medium term EU views.
http://www.forexfactory.com/showpost...&postcount=669
Stocky