EURUSD watch for long and short at this level.
50 tick Renko shows that price right on the top channel of the pitchfork.
Price could shoot down to return to the mid line (where theoretically most of the trading should happen in the channel. Or price could break out and up to continue its run higher.
Stochastics have been overbought for some time and could remain so.
The 20 tick Renko shows a little different picture. Drawing a fork from the shows a clear breakout of that channel. This is further confirmed by the consolidation and testing of breaking out right near a long term fibonacci level. Stochastics are moving towards overbought areas.
On the regular 1 hour candlestick chart, we can see price has broke down below an up channel. Prices have attempted a move up but were firmly rejected.
If the 1hour chart is indicative of some resistance and it holds. If price can break through and hold on the 50 renko, I would like to go long. I am looking for a retest of the upper channel on the 20 tick renko. I am also looking at confirmation of rejection on all three charts. This is a trade I plan on watching and setting alerts for rather than trying to trade it.
Price could shoot down to return to the mid line (where theoretically most of the trading should happen in the channel. Or price could break out and up to continue its run higher.
Stochastics have been overbought for some time and could remain so.
The 20 tick Renko shows a little different picture. Drawing a fork from the shows a clear breakout of that channel. This is further confirmed by the consolidation and testing of breaking out right near a long term fibonacci level. Stochastics are moving towards overbought areas.
On the regular 1 hour candlestick chart, we can see price has broke down below an up channel. Prices have attempted a move up but were firmly rejected.
If the 1hour chart is indicative of some resistance and it holds. If price can break through and hold on the 50 renko, I would like to go long. I am looking for a retest of the upper channel on the 20 tick renko. I am also looking at confirmation of rejection on all three charts. This is a trade I plan on watching and setting alerts for rather than trying to trade it.
Trade active:
Price was rejected at the top of the pitchfork channel. 5 tick renko shows it had little support at the mid line and is moving down under pressure to the bottom of the channel. A break below would be very bearish.
Trade active:
50 tick renko
Trade active:
Short active now. There was a reversal renko bar that formed on the 50 tick renko. That reversal bar was on MASSIVE volume and it has a selling tail. I am looking to take my first point of profit at around the 1.16 level, for 100 pips or so, 50 tick stop.