I think EURUSD has made another bear break and is heading lower but all of the simple trend following strategies are starting to break down on the small charts and this may mean we're in a for a bigger correction.
Marked in red is a shallow corrective pattern (I think more likely) and in blue a bigger one where we extend to the 161 of the bottoming swing and retest the break.
I'd prefer the latter but I think the recent 4 hour chart structure implies the former. We'll retrace about 76% of the last drop and then fall again. If this fails the bigger retest rally would be more likely and I'd be ready to adapt to that.
Bigger retest rally a strong preference. Would have some losing signals at the 76s of the last swing but would have the chance to trade a big bull move and also feel a lot more confident in the short being sustainable after a big retest.
Would really like to see some sort of flash crash event in the USD. Would be ideal for positioning for a potential mega trend leg running 10 - 15% pretty consistently.
Will use basic short term trend momentum strategies to follow an uptrend if it is forming. Attempt to position for a reversal around the common fib levels if it looks suitable and be ready to adapt for more bull breakouts if I pick up false bear signals.
Would really like to see the flash crash style move to retest the break. A big reset. Kick out all the aggressive/late trend followers and be ready to start a fresh trend leg. This would seem optimal opportunity for those prepped for it.
Marked in red is a shallow corrective pattern (I think more likely) and in blue a bigger one where we extend to the 161 of the bottoming swing and retest the break.
I'd prefer the latter but I think the recent 4 hour chart structure implies the former. We'll retrace about 76% of the last drop and then fall again. If this fails the bigger retest rally would be more likely and I'd be ready to adapt to that.
Bigger retest rally a strong preference. Would have some losing signals at the 76s of the last swing but would have the chance to trade a big bull move and also feel a lot more confident in the short being sustainable after a big retest.
Would really like to see some sort of flash crash event in the USD. Would be ideal for positioning for a potential mega trend leg running 10 - 15% pretty consistently.
Will use basic short term trend momentum strategies to follow an uptrend if it is forming. Attempt to position for a reversal around the common fib levels if it looks suitable and be ready to adapt for more bull breakouts if I pick up false bear signals.
Would really like to see the flash crash style move to retest the break. A big reset. Kick out all the aggressive/late trend followers and be ready to start a fresh trend leg. This would seem optimal opportunity for those prepped for it.