On the EURUSD hourly timeframe we are reaching the 61.8% FIbonacci retracement of the downwards move. We also have a potential AB=CD pattern forming. The stop goes above point D. Entry: 1.06082 Stop: 1.06357 Target: 1.05511
Might see a small bounce off the 10550 level but I think testing the 10490 area isn't out of the picture either.
11021992
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@DrewB28, Could be yeah, but not based on this analysis :P
DrewB28
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@11021992, I trade momentum and by feel, analysis is just a guide to me. Grew up in the pits of the CME and CBOT. Call me old fashioned. To each his own! :)
11021992
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@DrewB28, Yeah I get it. I think the feel comes with experience. But the analysis gives me a reason to enter in that direction. I love seeing old picture/videos of trading floors :)
DrewB28
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@11021992, It was something else! Greatest rush in the world. Nothing like it being in the 30 year bond pit when the non farm payroll number came out. To bad there gone. Again excellent analysis today you were spot on!!!
11021992
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@DrewB28, Haha yeah I bet. Bloody chaos. And thanks, I appreciate it!
DrewB28
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Nice entry at the 10608 level. Got Short up at 10612 and there going for a nice ride...
11021992
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@DrewB28, Good luck my man. Yeah I had my entry a bit lower because of the 61.8 Fibonacci retracement, but it completed the AB=CD nonetheless, as expected.