EURUSD is a pretty straight forward channel play.
I will only be interested to trade when it reaches channel extremes or when harmonic pattern completes.
Currently, there are not patterns.
If you look back just a few days ago, we have a classic no supply at top of channel.
What is no demand?
Price did a breakout with extremely low volume, this indicated not many buyers are interested in this move up. (no demand = no buyers )
After struggling for 8 hours, price dropped on a big red bar with high volume. This indicates sellers have come in.
In instances like this, we should wait for any pullback to top of channel before initiating any shorts.
The direction should be bearish and I will only look for reasons to join the sellers.
I will not chase the lows and get myself stucked in a bad situation.
Will keep you guys posted next week.
I will only be interested to trade when it reaches channel extremes or when harmonic pattern completes.
Currently, there are not patterns.
If you look back just a few days ago, we have a classic no supply at top of channel.
What is no demand?
Price did a breakout with extremely low volume, this indicated not many buyers are interested in this move up. (no demand = no buyers )
After struggling for 8 hours, price dropped on a big red bar with high volume. This indicates sellers have come in.
In instances like this, we should wait for any pullback to top of channel before initiating any shorts.
The direction should be bearish and I will only look for reasons to join the sellers.
I will not chase the lows and get myself stucked in a bad situation.
Will keep you guys posted next week.
Note
Price has retraced to top of H4 channel.
This can be a nice channel play to the downside.
Note
As there is a euro interest rate news tonight, I will not be opening any euro trades until after the news. I hope to see a knee jerk reaction for me to get in at a great price.Note
Watch this potential bat pattern completion on EURUSD around 1.0840.
Could be a stop hunt move upwards before dropping. Be patient.
Note
typo. it is 1.1840. Thanks Marvin for pointing that out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.