During the long term consolidation phase I was wondering what the market will do next. It was clear and simple that it will target the 1.6000 level. And then? Maybe a retracement?
My idea is shown on the daily chart so everything should be clear in front of your eyes:
1. In the orange shadowed box there where the buy stop orders.
2. The gap confirmed the running for these buy stops. It had to be a fast upmove and suprised most traders reaching the level of 1.0900 so quickly.
3. The grey box shows the consolidation phase which took 5 days in a very small range of about 50-70 pips. Only for accumulating orders from willing buyers to slaughter them.
Also you can see that the last bearish candles have a big range. And this confirms that the market is running southwards. Faster then Usain Bolt!
My guess is that the 2. Take Profit Area should be reached in the end of June.
I hope that I have explained my idea in a manner so everybody can understand it.
If you have any questions please feel free to ask.
Any comments or likes are very welcome.
Good luck to you and I wish you a lot of pips!
My idea is shown on the daily chart so everything should be clear in front of your eyes:
1. In the orange shadowed box there where the buy stop orders.
2. The gap confirmed the running for these buy stops. It had to be a fast upmove and suprised most traders reaching the level of 1.0900 so quickly.
3. The grey box shows the consolidation phase which took 5 days in a very small range of about 50-70 pips. Only for accumulating orders from willing buyers to slaughter them.
Also you can see that the last bearish candles have a big range. And this confirms that the market is running southwards. Faster then Usain Bolt!
My guess is that the 2. Take Profit Area should be reached in the end of June.
I hope that I have explained my idea in a manner so everybody can understand it.
If you have any questions please feel free to ask.
Any comments or likes are very welcome.
Good luck to you and I wish you a lot of pips!