uncle_edd

uncle_edd

my analysis played out very nicely here on my initial analysis and later in the day i added a second fib (counter trend) which also played out according to plan

uncle_edd

technicals - 4h is trending up with the 14ema and 50sma both providing confluence as confirmation. - however after a big push up we may be seeing a retracement about to unfold. moving to LTFs (15m) price is consolidating after finding support at the 62% level. i will be waiting for a break above the box to go long but also watching the 4h, this is because if...

uncle_edd

as i predicted, TP2 was reached. as of this writing, i am unsure where the markets are headed next.

uncle_edd

so my idea on the short was wrong. however the long entry played out to a T!!! if you pull out the fib retrace on the 1H you will see price is headed for the previous resistance at the 50% level. once price bounce off that i will be going long again to TP2

uncle_edd

4h fib potential to break support and retrace to 61.8. 61.8 is strong resistance zone so it could be expected that price creates a new support here. if support is formed then we can expect price to continue the bullish momentum. on top of that, USD is very strong at the moment. so i have no doubt price will rise again. so once price retraces i will be buying the...

uncle_edd

mark up was correct and profits secured. next trade as you can see will be another sell bias as we are at the 38% retrace level and price may go down to the new support on the 1H chart

uncle_edd

so my trade was completed but only thanks to a quick wick. i would call this a lucky trade. price made a new resistance and then dropped down to the new support level.

uncle_edd

my analysis was correct and profits were secured

uncle_edd

complete

uncle_edd

clear bearish market on all time frames. negative news was released today about the housing market in germany which has significant effect on the euro. USD is very strong atm across almost every pair. it makes sense to short the euro.

uncle_edd

i really wish i took this trade. everything moved perfectly. trade complete and all 3 TP were eventually hit. LESSON LEARNED... be patient and also trust the process

uncle_edd

all HTFs suggest strong bullish momentum. retrace at 38% - PRZ level. (price rejection zone) SR broke and close above. lets go long!

uncle_edd

simple trend analysis resistance has been broken and is now support. strong bullish momentum on HTFs. good signals to buy to next 4h SR zone. this may take a while to play out but i am confident it will happen. its just a matter of entry point and where my stop loss is placed.

uncle_edd

trend analysis. i have a good feeling we will see TP1 and maybe TP2 and possible TP3 all be hit. i will be placing these as pending orders

uncle_edd

for the majority of this set up i was correct. what i was wrong on was the trend reversal. i did show that the daily was pushing up. but i was short sighted because of the double top. thankfully a small TP (scalp) saw me retrieve a few pips.

uncle_edd

swing high to swing low. check that each area of interest is at or near previous support or resistance. HTF show bearish momentum short is a valid call

uncle_edd

analysis is in the charts. mentally im not sure about this setup because it is already halfway through the move however the technical's say otherwise. we could potentially hit at least TP 1.

uncle_edd

we have a pretty obvious double top on the 4h, 1h, 30m, 15m... which signals a trend reversal. HOWEVER, on the daily chart the bulls are winning and we are going up. now to trade double tops ideally we want the second top to be lower than the first top and this will provide us with a strong sell signal. but because the daily is showing an uptrend we are going to...