EURUSD to continue sell off. Red lines indicate resistance/supply levels. Purple lines indicate possible profit levels or reversal to retest the highs. Seeing how weak the pair was from the move between 2014-15, today's entry would be a continuation of that weakness. Price could retest the Purple lines & reverse to retest the most recent daily high of 1.25438. At which point, I'd be looking for yet another sell re-entry, expecting the trend to continue downward, ultimately making a new low & continuing further. This original impulse move could easily see itself doubled in the next year or 2. This is an easy entry play for profits in a long term portfolio approach.
I'll be approaching this trade in a with a position building technique, similar to a Warren Buffet style. Selling the highs, building the position ate every re-test of the high, as the long term chart has signaled continued weakness.
I don't like a lot of indicators on my charts. The least amount of lines, the better you can step back & see the bigger picture. Volume doesn't even move my decisions in the longer term picture. Large buyers gain the edge by hiding their volume, so why heavily consider it?...
I'll be approaching this trade in a with a position building technique, similar to a Warren Buffet style. Selling the highs, building the position ate every re-test of the high, as the long term chart has signaled continued weakness.
I don't like a lot of indicators on my charts. The least amount of lines, the better you can step back & see the bigger picture. Volume doesn't even move my decisions in the longer term picture. Large buyers gain the edge by hiding their volume, so why heavily consider it?...
