Hi Priceaction1,
I have been reading and trying to learn from you; thank you and to FTI both. I still got lots of reading to do including the books mentioned on his thread.
I ask myself what is price telling me? and by looking at your EURUSD chart here, I like to confirm my understanding to see if you see the same reasons?
on 1h chart, the long tail on top and price bars to the right were unable to push to go above. CCI is sloping down.
on 5 min chart, notice although the price did come back to 1.08976 level, the bodies of the candles never ended in that price level again after 4/2 15: 50 (the circle to the left of the chart).
Since I am not skilled to say the price will resume the longer down trend with certainty due to the recent up move (started on 3/16/15), I will set take profit either at the weekly pivot support level 1 @ 1.07533 or earlier @ 1.08018 which is a more conservative support area. I am having a tough time with the target profit level.
I have been reading and trying to learn from you; thank you and to FTI both. I still got lots of reading to do including the books mentioned on his thread.
I ask myself what is price telling me? and by looking at your EURUSD chart here, I like to confirm my understanding to see if you see the same reasons?
on 1h chart, the long tail on top and price bars to the right were unable to push to go above. CCI is sloping down.
on 5 min chart, notice although the price did come back to 1.08976 level, the bodies of the candles never ended in that price level again after 4/2 15: 50 (the circle to the left of the chart).
Since I am not skilled to say the price will resume the longer down trend with certainty due to the recent up move (started on 3/16/15), I will set take profit either at the weekly pivot support level 1 @ 1.07533 or earlier @ 1.08018 which is a more conservative support area. I am having a tough time with the target profit level.
Attached Image(s) (click to enlarge)
