Technical Confluence Provides Favorable Probability
Updated
Hi All,
I know I typically do cryptos on this page but I trade FOREX as well. Here we have the EURUSD but this idea is a SHORT on the dollar so most pairs are showing the same signs.
1. Divergence
2. Accumulation at bottom
3. fib .618
4. MACD weekly cross
5. Downward momentum slowing
SL should be below the .618 fib, remember this is a long term move so SL should provide a good amount of room for prices. Atleast 100pips if not double that if entry price isn't great.
From what I am seeing this is the first area on the EUR down move that could be a bottom. The markets are manipulated by banks so ultimately they decide what happens. Keep your options open and keep in mind the possibility that this could fail and the bearish scenario is very possible.
I know I typically do cryptos on this page but I trade FOREX as well. Here we have the EURUSD but this idea is a SHORT on the dollar so most pairs are showing the same signs.
1. Divergence
2. Accumulation at bottom
3. fib .618
4. MACD weekly cross
5. Downward momentum slowing
SL should be below the .618 fib, remember this is a long term move so SL should provide a good amount of room for prices. Atleast 100pips if not double that if entry price isn't great.
From what I am seeing this is the first area on the EUR down move that could be a bottom. The markets are manipulated by banks so ultimately they decide what happens. Keep your options open and keep in mind the possibility that this could fail and the bearish scenario is very possible.
Note
Ok just for safety tomorrow is Xmas day and because of that markets will have very little liquidity. I've seen it happen many times where a market moves 200% down , catches stops then springs upwards. So since we are forecasting a major trend change banks are likely to create liquidity for their market orders. I don't think the market is quite to go up yet.Likely we will move down from here and perhaps we will see a flash crash! ill keep updating as I see thingsNote
here are volume profiles for LTTrade active
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