._.
Long

Multi-Time Frame Analysis: EU Novemeber Momentum Shift

FX:EURUSD   Euro / U.S. Dollar
998 1 17
Focusing attention on the weekly leg from April 2015, I've drawn significant weekly S/R levels, labeled in grey. 4H levels are labeled in blue. In order to keep price localized, I highlighted the leg I am interested in retracing with a circle. The falling wedge tells me that momentum is shifting, setting up for a pop back to the 1.0785 area. Notice how I tied time frames together (weekly-4H), instead of wasting time trying to draw fibs and pretty abstract looking triangular abstract animal butterflies , crab , and bats. Not understanding where I am in relation to price movement should be a crime if you're a serious trader. Drawing abstract looking polygon animals doesn't really help me understand where I am in relation to the leg price is trying to retrace.

If we switch to the 60M chart, I should see significant momentum erosion as price is offsetting more and more bearish momentum. Is this not the purpose of a failing wedge? This is super basic TA. Simple patterns, using logic, that allows us to make confident trades.

Comment: Weekly/60M side by side view illustrating retrace leg and smaller time frame momentum erosion.
Comment: Momentum is set in for the pop.
Comment:
Trade closed: target reached: All these doubting dumb fucks. Never doubt me.
Nice chart
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out