EUR/USD a shorting possibility is coming
Updated
We have a strong move away from the TL This would indicate another move up for a correction of the major wave down.
I am expecting the weakness that may be appearing in the DXY will correspond with a long here. We are getting close to Brexit so these will be volatile markets and could swing at any misstep or word from the talking heads. I believe the UK sticking around for more punishment is the likely choice and that has been priced into the market. If they leave short all the Euro would be a good idea.
So if we get a continuing strong market pull back look for the 618 fib as a target. A gentler kinder pullback will indicate a good shorting position.
There is a very strong resistance line at the .382 so keep one eye on the DXY and the other on your bail button.
Educate yourself develop a trading plan and use other's ideas to validate your won. Be responsible for your own decisions. Know your limit and trade within it.
I am expecting the weakness that may be appearing in the DXY will correspond with a long here. We are getting close to Brexit so these will be volatile markets and could swing at any misstep or word from the talking heads. I believe the UK sticking around for more punishment is the likely choice and that has been priced into the market. If they leave short all the Euro would be a good idea.
So if we get a continuing strong market pull back look for the 618 fib as a target. A gentler kinder pullback will indicate a good shorting position.
There is a very strong resistance line at the .382 so keep one eye on the DXY and the other on your bail button.
Educate yourself develop a trading plan and use other's ideas to validate your won. Be responsible for your own decisions. Know your limit and trade within it.
Note
We saw a large move on news to close out Friday. Seldom do we see a move reverse without a slow down in momentum. I would suggest there may be another push up after a correction. Depending on the correction I would feel comfortable taking a short where indicated.Remember trading is fluid. What the chart gives you in the present may change. Do not be afraid to alter your idea when presented with new information.
Educate yourself create a trade plan use other experienced trader's ideas to validate your ideas and take responsibility for your decisions. Do not follow anyone blindly. Look at there trades closely and if you do not understand the trade ask questions. If you do not get an answers, find another trader who will. TV is the best resource I have ever found.
“Intelligence is knowing how to split the atom, “smarts” is knowing not to share the secret”
K. Hamilton Proudman
Note
There is a potential to pick up a small long here. Personally I will wait for a bigger opportunity to go short.Trade closed: target reached
The Amazing power of support and resistance, Elliot wave, Fibonacci, trend line analasis, Brexit and moon phase!
Related publications
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.