(Part 3) EUR/USD Top Down Analysis - Actionable Setups
Hi traders and thank you for joining this analysis
As promised, today I'll be looking at the intraday price action of EUR vs.USD to create an actionable trading plan!
In my two previous posts, I have discussed the long term and medium-term price action in depth.
Our analysis points to higher prices so it really is a matter of tactics at this point!
If you haven't caught up with the price action, you can check out the two posts below:
(Part I) EUR/USD Top-Down analysis with Wyckoff and Elliott Wave
(Part 2) EUR/USD Top-Down analysis: PnF and Target setting
Now that you're caught up, let's check out today's chart:
We see two major trading ranges, the solid lines depict a horizontal Wyckoffian trading range, let's call this Trading Range 1 (TR 1)
and the dashed lines take the slope of price action into consideration and I call them acceleration channels, but for today let's designate it (TR 2)
we see from the left that after price accelerated too much to the upside, it became oversold and created a buying climax and a change of behavior
Price also shows it's strength by progressively closing and committing above the local high (#2)
The mrkt was also not able to commit below the blue ribbon and reversed after a scoop below the value zone
All of these observations signal a strong buying pressure.
It is entirely possible to hold the 1.185 level and continue higher as part of the next impulse wave unfolding
Otherwise, the formation of a triangle is possible as volatility windes down and price action reaches a point of equilibrium (the apex)
Both these possibilities signify price's adherence to TR2, as a result a break and commitment above the 1.2 handles would be quite possible
On a more conservative short-term view, an acceleration to the lower range of TR1 is possible (the major buy zone). That would create the classic Phase |C| shakeout or spring and
create the causality to push the price higher.
For the folks who prefer a more visual representation, I've created rough sketches on the chart above to guide your trading in the next few days! (The buy moves / zones are highlighted in green)
And that's it for my EUR/USD analysis. I will continue to post short-term updates on intraday as price action unfolds. Be sure to follow me for future updates!
If you liked my analysis or are following through, please give it a thumbs up! I put a lot of time into my posts and your support will let TradingView know my articles are helpful!
As promised, today I'll be looking at the intraday price action of EUR vs.USD to create an actionable trading plan!
In my two previous posts, I have discussed the long term and medium-term price action in depth.
Our analysis points to higher prices so it really is a matter of tactics at this point!
If you haven't caught up with the price action, you can check out the two posts below:
(Part I) EUR/USD Top-Down analysis with Wyckoff and Elliott Wave
(Part 2) EUR/USD Top-Down analysis: PnF and Target setting
Now that you're caught up, let's check out today's chart:
We see two major trading ranges, the solid lines depict a horizontal Wyckoffian trading range, let's call this Trading Range 1 (TR 1)
and the dashed lines take the slope of price action into consideration and I call them acceleration channels, but for today let's designate it (TR 2)
we see from the left that after price accelerated too much to the upside, it became oversold and created a buying climax and a change of behavior
Price also shows it's strength by progressively closing and committing above the local high (#2)
The mrkt was also not able to commit below the blue ribbon and reversed after a scoop below the value zone
All of these observations signal a strong buying pressure.
It is entirely possible to hold the 1.185 level and continue higher as part of the next impulse wave unfolding
Otherwise, the formation of a triangle is possible as volatility windes down and price action reaches a point of equilibrium (the apex)
Both these possibilities signify price's adherence to TR2, as a result a break and commitment above the 1.2 handles would be quite possible
On a more conservative short-term view, an acceleration to the lower range of TR1 is possible (the major buy zone). That would create the classic Phase |C| shakeout or spring and
create the causality to push the price higher.
For the folks who prefer a more visual representation, I've created rough sketches on the chart above to guide your trading in the next few days! (The buy moves / zones are highlighted in green)
And that's it for my EUR/USD analysis. I will continue to post short-term updates on intraday as price action unfolds. Be sure to follow me for future updates!
If you liked my analysis or are following through, please give it a thumbs up! I put a lot of time into my posts and your support will let TradingView know my articles are helpful!
Trade active:
The last 3 bars have been constructive. My position was opened on the bullish bar from the dashed lines.
we can see increasing selling pressure is not creating a bearish result on the last two bars --> constructive
Good luck everyone!
The last 3 bars have been constructive. My position was opened on the bullish bar from the dashed lines.
we can see increasing selling pressure is not creating a bearish result on the last two bars --> constructive
Good luck everyone!
