moneymaking

EURUSD: WEEKLY OUTLOOK [SIMPLE PRICE ACTION + PATTERN] !!!

FX:EURUSD   Euro Fx/U.S. Dollar
a year ago
Hello Traders,

Here I wanted to provide everyone with my weekly outlook on FX:EURUSD             , by using simple price action and current pattern being formed. Let's begin:

Simple Price Action:
Looking only at raw price action we see that after a long selloff, market has gone into the consolidation phase and has been in this phase for the past 31 weeks or 8 months. The key strong resistance level that has been tested 4 times by the market is the 1.14582 level. Do not be mistaken, this market is still in downtrend (since no major structure has been violated) and what we have been seeing is just the retracement in the form consolidation phase. Notice how the market has also tested the 50 day moving average 3 times, now currently testing it the 4th time and still not being able to break and close above the 50 day MA. Thus, 50 day moving average is also acting as strong resistance for this market.

Ascending Triangle
This is an example of a consolidation type pattern. Ascending triangles usually form AFTER large price movements, which indicates that the market has entered into consolidation. After seeing the strong selloff on this pair, now we see the buyers trying to push the price higher but are unable to do so. This might be an early indication of weakness in buyers strength. The direction of breakout for this pattern could be in either direction. All we have to do is wait for the breakout in either direction and enter in the direction of the breakout with any type of favorable setup (e.g. bullish/bearish pin bar on the retest of broken level OR double bottom or double top/2618 trade setup with rsi divergence, etc), which would allow us to enter into this trade with minimum risk. See the chart above for more details.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

Follow me on Twitter as well (user name): moneymaking2016
a year ago
Comment: UPDATE #1: Hello Traders, we finally got a convincing breakout of the ascending triangle to the downside. Now only need to WAIT for a VALID re-test of the broken level BEFORE opening the short position :)

snapshot
ChatchaiVong
a year ago
thank so much.. , now can open sell EU?
+1 Reply
moneymaking ChatchaiVong
a year ago
Hey mate, I can't really answer that question for you. You got to follow your rules. This is just my big picture on this pair, my account is not that big to trade based on weekly charts. All the best mate :)
Reply
ChatchaiVong moneymaking
a year ago
ok, thank
+1 Reply
moneymaking ChatchaiVong
a year ago
No problem :)
Reply
moneymaking ChatchaiVong
a year ago
Hey mate, this is one way to enter short into this trade setup. It's based on 4 hr chart:

snapshot
+1 Reply
Daniel.B
a year ago
Very good analysis, share the similar view on the pair! Keep up the good work bro!
+1 Reply
moneymaking Daniel.B
a year ago
Hey mate, good to hear from you again. Thank you for the kind words, appreciate it :)
+1 Reply
Same view now, let's roll.
Reply
aryahi29 PRO
a year ago
my analysis based on regression trend channels.. it's a buy.. no doubt.. ofcourse be careful.. i bot already
+1 Reply
aryahi29 PRO aryahi29
a year ago
it's based on 64mt- to 8mt period studies

+1 Reply
moneymaking aryahi29
a year ago
Great mate, just follow your rules. If they have positive expectancy than that's all you need :)
Reply
aryahi29 PRO aryahi29
a year ago
Dollar is going up, so i tiook profit and sold my long position


+1 Reply
moneymaking aryahi29
a year ago
Great, sounds good. Enjoy your profit mate :)
Reply
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