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Long

Multi-Time Frame Analysis: EU Novemeber Momentum Shift

FX:EURUSD   Euro Fx/U.S. Dollar
992 1 17
a year ago
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.

a year ago
Comment: Weekly/60M side by side view illustrating retrace leg and smaller time frame momentum erosion.
snapshot
a year ago
Comment: Momentum is set in for the pop.
a year ago
Comment:
snapshot
a year ago
Trade closed: target reached: All these doubting dumb fucks. Never doubt me.
Bella29
a year ago
Nice chart
Reply
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