Hi guys,
as you may know already, on EURUSD we're testing a very strong resistance area, namely that highest highs that were made over the past years (3 or so) and therefore we need to be very careful of what's happening on the lower timeframes. Last week there was an opportunity to get in at the double top's completion, but i wasn't around and i couldn't make it. It would have been a nice and clean winning trade, but that's part of trading. You'll lose lots of opportunities over your trading career, but the beauty is that there will be always another chance around the corner, so keep up with me and i'll explain you why i'm interested in shorting again.
As you can see the double top's formation has been broken by price action (with the last down impulse) and it could now retrace back and give us a nice entry point to short again this market. All this will be valid till we get a touch of the 1.1950 level (dark green line) where i think we could see some buying pressure. Stops above highs, targets as shown below.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
as you may know already, on EURUSD we're testing a very strong resistance area, namely that highest highs that were made over the past years (3 or so) and therefore we need to be very careful of what's happening on the lower timeframes. Last week there was an opportunity to get in at the double top's completion, but i wasn't around and i couldn't make it. It would have been a nice and clean winning trade, but that's part of trading. You'll lose lots of opportunities over your trading career, but the beauty is that there will be always another chance around the corner, so keep up with me and i'll explain you why i'm interested in shorting again.
As you can see the double top's formation has been broken by price action (with the last down impulse) and it could now retrace back and give us a nice entry point to short again this market. All this will be valid till we get a touch of the 1.1950 level (dark green line) where i think we could see some buying pressure. Stops above highs, targets as shown below.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
Order cancelled:
Dark green line touched! No more shorting, now we can look to long this market!