So we nailed and some the Bullish retracement! However, the EURO has recovered too quickly. It launched back up to our 100MA (Blue) exactly as aniticpated, now with the Stoch.Osch & RSI indictors will tell you on the 4H & Daily that we need to come back down in a Bearish move towards our lower Support Zone and Trend Channel
Posted this late - was meant to publish last night before the move began.
EURUSD still downtrending on higher timeframes. By condensing to 4hr we see a clear rejection of the 1.11000 psychological level in line with our trendline and resistance-turned-support zone.
Next area of support is the 1.10000 psych level, I'll be monitoring this area for profit taking.
This week we saw Lagarde say that the monetary policy for the European union needed to be reviewed suggesting that monetary policy tools such as quantitive easing may need to be reintroduced. Trump mentioned that tariffs will be put onto cars (25%) and wine (100%) if there is no favourable trade deal for the US between the two economies.
Now if you are a trader who uses these methods then yes you might win a few trades but the likely story is that you loose more than you win, this is because banks run the markets and they dont use patterns and candlesticks to trade with, you really think they sit there all day waiting for a FORWARD FLIP FLOP with a BACKWARDS TRAMPOLINE to form before taking a...
Take a look at this chart and tell me what is so hard to understand about it? Clean, clear chart with no indicators on it yet a lovely trade that for me is currently running +30 pips with my SL at break even making this a totally RISK FREE trade.
So all i was looking for was the 4th touch of this trend line to break through... this happened, then i was waiting...