EURUSD - Daily Channel Break from 2018! - MTFA with Screenshots
Hi Trading-Community!
The market is in an Uptrend.
Key Levels:
The market is in an Uptrend.
Key Levels:
- Multiple Time Frame Analysis
- Resistance "Weekly Resistance" @ 1.17449
- Daily Trendline + Parallel Channel - descending, resisting
- Parallel Channel "Retracement" - descending, resisting (completed)
- Rectangle "Consolidation Box"
- 200 Expontential Moving Average
Category:
- MTFA
- Trendline Break
- Channel Break
- Trend Continuation
- Bullish Flag Pattern
Description:
First of all, let's zoom out the chart and see the bigger picture.
That can help us to identify in which stage we are:
This is the daily Timeframe.
Here we can see a clear Parallel Channel.
In between them there are some other valuable Trendlines.
These Trendlines are Guidelines for Buyers and Sellers to identify the cheapest and the most expensive Prices.
Pay attention to the start time: This Channel is valid since March 2018!
The upper and lower Levels are the strongest Levels and that is where we are now:
We are now at the Upper Trendline and expecting big movements coming.
Why is the market behaving differently now?
As mentioned before, we are at the extreme and normally the market would fall down and leave the "Overbought"-Area.
But at this moment the price is just consolidating near the Upper Trendline.
That means, that there are Buyers at the Upper Trendline who are still buying - of course a suspicious thing.
When the Buyers are buying there, this price isn't "expensive" anymore.
Sellers are trying to push the price lower, but they aren't successful.
Let's look at our normal H4-Chart:
You can see one Up-Movement, than a Retracement in a "Flag"-Shape (descending Parallel Channel).
The price even left that Channel and is now at the Daily Trendline in a Consolidation Box.
When the Breakout occurs, the Bullish Flag Pattern would be valid.
And there is a strong bullish indication on the lower Timeframe too:
The market is making higher highs here.
In addition, it is consolidating at Resistance.
The Entry Trigger is the Retest of the Breakout.
Our SL is under the last Swing Low.
The TP is at the Weekly Resistance.
We recommend to trade the Breakout with a Retest!
Thanks and successful Trading :)!
Comment:
Here is the RED BOX, but in Big:
