It's been awhile boys/girls, I've been busy but trading is always there. Appreciate those of you that stayed in contact with me via PM, I never went anywhere just didn't have the time to post ideas.
We have a clearly defined Ascending Wedge on the EUR/USD that is supported by divergence. Be patient and keep your eyes on this structure, once a break is confirmed look for entry on a retest. Early entries are always welcome but come with slightly more risk, the choice is always a personal preference, there isn't a right/wrong answer.
For the intra-day players I give you the 15 minute chart. Remember our current Daily movements are limited between the upper and lower boundaries of the ascending wedge until one side or the other is broken. On the 15 minute chart you can see we are being pressured lower. If you'd like to buy the EUR/USD, I strongly urge you to WAIT until the line I've shown below is broken; until then, bears should prevail throughout Sunday/Monday.
If you have any questions always feel free to ask me in PM or in comments. I try to get to all of them.
Trade Safe, Trade Smart - You can all be successful.
We have a clearly defined Ascending Wedge on the EUR/USD that is supported by divergence. Be patient and keep your eyes on this structure, once a break is confirmed look for entry on a retest. Early entries are always welcome but come with slightly more risk, the choice is always a personal preference, there isn't a right/wrong answer.
For the intra-day players I give you the 15 minute chart. Remember our current Daily movements are limited between the upper and lower boundaries of the ascending wedge until one side or the other is broken. On the 15 minute chart you can see we are being pressured lower. If you'd like to buy the EUR/USD, I strongly urge you to WAIT until the line I've shown below is broken; until then, bears should prevail throughout Sunday/Monday.
If you have any questions always feel free to ask me in PM or in comments. I try to get to all of them.
Trade Safe, Trade Smart - You can all be successful.
Comment:
To Help Visualize my notes above.
To Help Visualize my notes above.
This is actually a great example right now of what can make traders second guess themselves and become inconsistent with their own strategies and thinking.
The trade setup is structurally sound. Execution is a beast of it's own, I've always tried to refrain from telling people HOW to enter trades because there are so many ways to do it based on your personal preference and risk appetite.
A closed candle on the Daily Time frame will confirm market intent. Keyword: CLOSED. It's not over until it's over. Once confirmed we choose when to join in on the trade. Higher time frames will always overrule the lower time frames. Don't think that just because the 30 minute candle 'confirmed' a break that the 4 hour can't change the scenario. Trust me, it can, and it inevitably will.
If the scenario changes, it's important that we adjust our trend lines. The market reversing sharply today after a breach is an important lesson every trader or want-to-be trader can learn from.
If the EUR/USD closes at or around current levels for the end of day 1.1960 or higher (which it looks like it will). Our ascending wedge bearish trade is put on hold. We will have to wait for a future break. It could still be this week, but it might be next week. Let the markets move themselves, we're just along for the ride.