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arif_awan
Aug 13, 2018 12:14 AM

EURUSD OBVIOUS DESCENDING CHANNEL Long

FX:EURUSD240
Euro Fx/U.S. DollarFXCM

Description

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its hard to ignore this obvious formation of Descending channel. as far my analysis concerned this channel will figure out potential bullish reversal.

Trade active

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Long

Comment

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hammer at h4 confirms buy signal for short term

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This is called crack and snap = false breakout!!!

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This is called support jump!!!

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Short here we go again after hitting same resistance line.

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short area coming soon, middle line of two channel will be potential short.

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Get ready for the short.

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Broken resistance now support is soon going to be reached, possible movement scenario is in following chart,

Trade active

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Strong short triggered.

Comment

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Short journey has started at resistance line.

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key area to break for bearish move.

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nice reversal upon hitting resistance line, target is middle line between two channels. price potentially jump after hitting middle line.

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pay attention to middle line between two channels for bullish bias. because recent sharp bullish move won't let price to go much down.

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get ready for long as soon price hit the middle line, this time its not going to break. hitting middle line could result in huge rally up.

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this is chart which make confluence with middle line of this idea.
Trend Analysis
Comments
F_a_i_z_a_l
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"Short here we go again after hitting same resistance line". Can u explain. Thanks
arif_awan
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@lampique, yellow line in the middle of these two channels.
r5e5g1
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@arif_awan, Do you still see this as a sell after this spike? Surely no one could've seen that one coming.
circruiz
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Thank you for your update
circruiz
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If buy short term now.
What stop loss do you think?
arif_awan
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@circruiz, middle line of lower channel
circruiz
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@arif_awan, thank you
r5e5g1
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This certainly looks like a good set up. If it does come into realization you'd be a legend since every other expert is predicting the exact opposite outcome. Most see 1.12+ in the next 24 hours.
arif_awan
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@r5e5g1, bro i am also looking for 1.1200 for now its will be some pull back to hit 1.14100 and then another sell off.
r5e5g1
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@arif_awan, Got it, thanks for the prompt reply. I was hoping for a relieve rally to at least 1.15, since I missed the initial short.
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