TheShakeOut

EURUSD is testing the supply in the market

CME:E61!   EURO FUTURES
The chart tells a story and the story unfolds bar by bar.
TalalBin Malek
2 years ago
Since we already have an upthurst followed up by a no supply bar (which is bullish), the next candle might confirm a downtrend, if we find lack of demand (low volume + narrow spread up bar). Is that correct?
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TheShakeOut TalalBin Malek
2 years ago
There has been supply entering the market on bars 32, 33, and 34. However, bar 35 has responded to the weakness pushing lower but showing lack of supply, that is not a good sign for a down move. A confirmation of the weakness would be the next bar pushing lower on increasing volume, but not excessive volume, and closing on the lows.

We cannot analyze the bar before it closes, but today's bar seems like it will confirm yesterday's strength. If that is the case, the market could easily head to higher prices. That is why it is important to analyze the market bar by bar.

I have been looking at smaller timeframes and I am actually long since 15:05 GMT. It is NOT a long term trade. I am trailing my stop.
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