TheShakeOut
Short

EURUSD: Not responding to the strength, No Demand instead

CME:E61!   Euro Futures
The chart tells a story and the story unfolds bar by bar.
Note that description of bar 51 has been elaborated.
Not a particularly strong enough rally indeed.
I'm not in EURUSD, the market's waiting for the OPEC meeting outcome probably.
+1 Reply
Thank you for your comment IvanLabrie. I do not use fundamentals on my analysis although I pay close attention to the market reaction to news. I am not planning to take any long term positions on the EURUSD either. The price is between the major demand of bar 1 and the major supply of bar 23. I will be looking for shorts on smaller timeframes (1 minute or 5 minute chart) on Monday and specially Tuesday. It seems like there is going to be some action in the currencies in the next few weeks.
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IvanLabrie PRO TheShakeOut
Check this one out:



Looks ten times better than going long eurusd.
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At the moment I would not recommend longs on the EURUSD either.
The EURCAD does not seem especially strong to me. The last two bars (on the daily chart) show hidden selling and no demand. I would not look for longs until 1.3750 is taken out and tested successfully (on smaller timeframes). Note that 1.3750 is the high of the last bar and also the high of the high volume bar on March 17th. A lot of supply hit the market back then and it is going to need a lot of effort to push through it. Regards
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IvanLabrie PRO TheShakeOut
Different strokes for different folks.
This is a very similar setup to this one:



You would normally consider those bars as weak no demand bars, right?
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The last three bars on that chart (before you published it) are:
- Confirmed no supply
- No demand (not confirmed)
- Increase of buying pressure
I am using tick volume from one my forex brokers to analyse it.
Those three bars show strength however I would not have been looking for longs there, it is still too choppy. I prefer higher probability trades. The confirmed no supply on May 29th at 1am would have been a nice setup, too bad I do not monitor this pair :)

I have been looking at xxx/yen pairs, the last three bars of the daily charts are showing hidden selling + hidden selling + no demand. If the weakness is confirmed there could be very interesting moves in the yen.
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IvanLabrie PRO TheShakeOut
Indeed, GBPJPY might retrace a bit for instance.
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moorekapital IvanLabrie
That looks like a classical inverted head and shoulder!
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moorekapital moorekapital
@Ivan
: EURCAD Chart
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IvanLabrie PRO moorekapital
Yes, it does, I think this one will work because of its position relative to the structure and my own analysis. I wouldn't trade based on H&S though.
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