wuweitrader
Long

EURUSD - Price Structure Study

FX:EURUSD   Euro Fx/U.S. Dollar
303 7 1
Yes, there are definitely a lot of markings on this chart, but they all show that the Euro             is demonstrating a significant amount of structure.

Long-term, price is in an uptrend.
There has been horizontal support and resistance that has been held (as is shown by the blue horizontal lines).
Besides the horizontal lines there is an action-reaction set the seems to be working. The Center-Line catches the price action and the flow, and notice how price fell to the reaction line and has meet with strong buyers.

This reaction line comes in just past the 123.6 Fib off the first leg of the impulsive move down.
More importantly, however, is that there was an energy coil just around the second horizontal line, and looking toward the left, while price moved through this area, it meet with a strong move back up.
This energy coil and its poke through seems like a wash and rinse.

The Median line also has some frequency along the tail, and with its confluence with the reaction line and the poke below the support, I am going to be watching for a trade off of the lower median line parallel. My stops, however, will be below the c-pivot, below all the noise, support, reaction lines, etc. If I am wrong, I should be stopped out quickly, but if I correct, I do not want noise or anything else getting me out.

My target? That's easy. The median line .
itaskar
2 years ago
I am watching this slopes, maybe the broken trendline retest is coming
snapshot
Reply
wuweitrader itaskar
2 years ago
A re-test of that trendline would put it right past the median line. A retest would make it a nice switchback line, at which point it might make me bearish if it holds. Nice chart you linked to, thanks.
+1 Reply
Yabi
2 years ago
The taking out of SWL 1.3671 is a significant violation to the trend isn't it?
Reply
wuweitrader Yabi
2 years ago
I am not sure which line you are referring to by SWL, but if you are referring to the reaction line, price w as rejected at that point and met with significant buyers.
Reply
Yabi wuweitrader
2 years ago
SWL refers to the swing low at your forks "A" Pivot,..my apologies for lack of clarity in my question...Thanks
Reply
wuweitrader Yabi
2 years ago
Got it. The stronger support appears to be the lower line. Also frequency is in the upward direction. Whether we are moving lower or not (stepping lower), I think that if the reaction line holds, we can use that as our c-pivot for a move up to its median line. This would still not be out of line with a general stepping lower. Also, with the nice touches on the tail of this median line, it helped tell me that perhaps this is doing a good job of catching frequency as well.
Reply
wuweitrader
2 years ago
Price has now given a test. Putting an entry in for a re-test
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out