It’s Friday! TGIF
Here’s another Forex trading Snack.
After the ECB enacting unlimited QE yesterday during it meeting EUR was shaken with volatility and created what can be viewed as a double bottom pattern. After breaking the neck line and holding it, the path of least resistance I believe is toward completion of the pattern. That should take us towards 1.1200-1.1250 which is also the area of a downward top trend line of a weekly wedge pattern.
Longer term should that weekly pattern break it points towards a massive short squeeze. But let’s not get a head of ourselves. First things first.
Should you trade this idea the risk is all yours.
In trading you either make dust or you eat dust!
All the best.
Here’s another Forex trading Snack.
After the ECB enacting unlimited QE yesterday during it meeting EUR was shaken with volatility and created what can be viewed as a double bottom pattern. After breaking the neck line and holding it, the path of least resistance I believe is toward completion of the pattern. That should take us towards 1.1200-1.1250 which is also the area of a downward top trend line of a weekly wedge pattern.
Longer term should that weekly pattern break it points towards a massive short squeeze. But let’s not get a head of ourselves. First things first.
Should you trade this idea the risk is all yours.
In trading you either make dust or you eat dust!
All the best.
Comment:
Even though we have news about disruption in global oil production due to attacks. EURUSD trade setup still looks to be valid in my outlook. But just having a tad bit of wait and see attitude to allow knee jerk reaction to filter through the price action.
Comment:
This pattern setup is a bust. Due to the oil attacks over the weekend this idea was never placed into order form. It did break out but failed to have followthrough. The lows come in view as a maybe retest, but must allow price action to work a bit more to draw technical conclusions. Off to the next trade idea.
If you have anything in suggestion form as to what you’d like to see from my posts and update please send in a comment.
All the best everyone.
If you have anything in suggestion form as to what you’d like to see from my posts and update please send in a comment.
All the best everyone.