EU H1 Short @ incoming R2 or R1 MIDAS resistance lines

FX:EURUSD   Euro / U.S. Dollar
132 10
Waiting for bearish confirmation patterns occur at R2 or R1 for going short
Nice job AkifTokuz !!! Great use of a great indicator, nicely done!
cooney_s cooney_s
Of note, my experience has been that the closer two indicators converge the greater likelihood they have of being broken.
AkifTokuz cooney_s
Thanks coondawg. All MIDAS lines converge by time since they are averaging and as the time progress the percentage of the different data they used for calculating the average get smaller and smaller. (The different data are the data between the two start points) For this particular case both of the bands are resistance bands and their start points are not far apart so it is natural that they are close by.
Roads are never direct in Forex... But we will eventually reach our destionation. Going nice up to now...
On our way to the target set by monthly chart.
As expected we are going down...
Now it looks like it was early to call S2 is broken.
I need to go upto monthly timeframe to find support for poor Euro.
So our target for our short is 1.2250.
There two Midas lines on the chart. Even if they are 4 year apart from each other all Midas lines eventually converge.
So both of them telling us at 1.2250 there must be some support to stop the fall.
We will see...
GMT 17:25 update

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