First , a bit of history of the decision making process- I would like to show you my first ever trade idea in TV as the same channel is in play now:
This channel was drawn on the Daily Chart but I have moved it to the weekly as I don't need so much granularity,you can see it here. We are now @ the same UPTRENDING resistance line as we were before and this could point towards a Bearish Butterfly pattern as well as close to the down-trending resistance level.
Yesterday I posted this idea where I was looking for one more move down in the Dollar Index for a move down to support on 3 time-frames - the 1H, the 4H and the Daily , you can check the video update here: . It panned out nicely. We are now @ SUPPORT. If you dont wish to watch the video update, you can check the charts only:
You can check my prediction from yesterday that the two trend-lines in the EUR/USD that everybody and their uncle was watching will get taken out to the upside here:
Now the EUR/USD has flushed everybody who was short based on the simple trend-lines so most shorts are out of the market, the previous high was also taken and the breakout traders are now Long seeing a higher high - good recipe for a move down to inflict some pain to those traders as well.
Everything looks like the EUR/USD is ready for some decline going forward but this is just how I see things.
The only thing that can change my view on the momentum of the EUR/USD is a move above 1.178 based on the weekly chart. Other than that we are now @ inflection point where the price can either decide to make a run-up o 1.17 or what is a lot more likely - simply fall down from here.
Wish you all the best.
Trifract
This channel was drawn on the Daily Chart but I have moved it to the weekly as I don't need so much granularity,you can see it here. We are now @ the same UPTRENDING resistance line as we were before and this could point towards a Bearish Butterfly pattern as well as close to the down-trending resistance level.
Yesterday I posted this idea where I was looking for one more move down in the Dollar Index for a move down to support on 3 time-frames - the 1H, the 4H and the Daily , you can check the video update here: . It panned out nicely. We are now @ SUPPORT. If you dont wish to watch the video update, you can check the charts only:
You can check my prediction from yesterday that the two trend-lines in the EUR/USD that everybody and their uncle was watching will get taken out to the upside here:
Everything looks like the EUR/USD is ready for some decline going forward but this is just how I see things.
The only thing that can change my view on the momentum of the EUR/USD is a move above 1.178 based on the weekly chart. Other than that we are now @ inflection point where the price can either decide to make a run-up o 1.17 or what is a lot more likely - simply fall down from here.
Wish you all the best.
Trifract
Comment:
DXY bouncing
Comment:
This is your guide for the EUR/USD & DXY larger time frames ,ideally DXY needs to maintain altitude above the thick blue line on the smaller time frame as well as move above the upper resistance.
