In pro traders terminology we often used the word "Choice", when a certain instrument or mkt was not doing anything. When I used to trade on interbank mkt this was one of the biggest fun, to show to another dealer or to a customer a "Choice price" when they called for a two way quote. That means the counterpart had to trade on the price, it was kind of soft obligation to decide wether wanted to sell or buy there. This was fun, but was not good for anything, just kind of bored traders' self entertainment, plus one more ticket to book.
Anyway, EURUSD is something like this: Once a "Buy choice", once a "Sell choice". As I've told you few times already, it has not really been doing anything for last 3-4 months. But the longer ittrades this tight, the biggest the next move is going to be.
To be able to decide which way to move the bias, I have added 1 Hr time frame too with regular Ichimoku setup.
Now comparing the 4 Hrs and 1 Hr, at moment it is rather a "Sell Choice". 4 Hrs Kijun retest = 1 Hr Kumo retest. The actual candle on 1 Hr is about cross below Kijun Sen, however price is trading in the Kumo. Even if it trades lower, then it will enter the Kumo on the 4 Hrs time frame. All in all it is more likely to stay sideaway, with a bit of bearish bias, since on 4 Hrs timeframe DMI may be turning bearish again (with a dropping and already low ADX though), Chikou is dropping below price candles, and Slow Stoch turning down. Bearish bias is also supported by daily Slow Stoch.
The really interesting level is: 1,3790 - 1,3800 ---> There are Daily Tenkan Sen, 4 Hrs 100 WMA and most importantly 4 Hrs Kumo bottom.
I do not like trading very low time frames, but now I can not do anything then look for entries on the 1 Hr. So I sold some already today, with stop above 1,3855.
If price breaks below 1,3800, that will be a good risk-reward to add to shorts. The question will be again what will happen after the new bearish attack at 1,3720 trend support. Frankly speaking, anything that happens until that major daily trend break is nothing else but a noise. Once that will be gone, the real trend reversal might take place and the drop in EURUSD cross can be extremely quick, with a lot lower tgt ard 1,3200.
Keep your eyes open, as at some point this year we will have some really nice reward for being patient so long!
Anyway, EURUSD is something like this: Once a "Buy choice", once a "Sell choice". As I've told you few times already, it has not really been doing anything for last 3-4 months. But the longer ittrades this tight, the biggest the next move is going to be.
To be able to decide which way to move the bias, I have added 1 Hr time frame too with regular Ichimoku setup.
Now comparing the 4 Hrs and 1 Hr, at moment it is rather a "Sell Choice". 4 Hrs Kijun retest = 1 Hr Kumo retest. The actual candle on 1 Hr is about cross below Kijun Sen, however price is trading in the Kumo. Even if it trades lower, then it will enter the Kumo on the 4 Hrs time frame. All in all it is more likely to stay sideaway, with a bit of bearish bias, since on 4 Hrs timeframe DMI may be turning bearish again (with a dropping and already low ADX though), Chikou is dropping below price candles, and Slow Stoch turning down. Bearish bias is also supported by daily Slow Stoch.
The really interesting level is: 1,3790 - 1,3800 ---> There are Daily Tenkan Sen, 4 Hrs 100 WMA and most importantly 4 Hrs Kumo bottom.
I do not like trading very low time frames, but now I can not do anything then look for entries on the 1 Hr. So I sold some already today, with stop above 1,3855.
If price breaks below 1,3800, that will be a good risk-reward to add to shorts. The question will be again what will happen after the new bearish attack at 1,3720 trend support. Frankly speaking, anything that happens until that major daily trend break is nothing else but a noise. Once that will be gone, the real trend reversal might take place and the drop in EURUSD cross can be extremely quick, with a lot lower tgt ard 1,3200.
Keep your eyes open, as at some point this year we will have some really nice reward for being patient so long!
