To some traders the enormous plummeting of pips that occurred on the EURUSD this week came as a huge shock. Raising awareness about what the market's intentions are may be the best way to monitor your own trades.
You weren't paying attention to candlestick closes, or maybe missed the chance to short from the top. How do you take advantage of whats to come?
A key technical level at 1.1070 was only given hours of attention before the market proceeded to smash through it. With only a couple hours left to trade in the week, we are sitting on the psychological level at 1.10000. The weekly candle is 400 pips long, and its highs and lows are the open and close, its going to be a full body candle. As far as candle sticks are concerned this is a high probability chance that most if not all of next week is going to continue this trend breakout, but first it might do something beneficial for all those looking to join in.
Early next week, look for the market to rise to the 1.1070 area and provide an opportunity to sell with bearish price action. We're looking for the market to retest the support that was broken and then continue.
Sell Limit at 1.1050 or at Market Open depending on candle close this week
Target 1: 1.0840
Target 2: 1.0580
Stop loss: 1.1180
Please do your own analysis before deciding to enter a trade.
You weren't paying attention to candlestick closes, or maybe missed the chance to short from the top. How do you take advantage of whats to come?
A key technical level at 1.1070 was only given hours of attention before the market proceeded to smash through it. With only a couple hours left to trade in the week, we are sitting on the psychological level at 1.10000. The weekly candle is 400 pips long, and its highs and lows are the open and close, its going to be a full body candle. As far as candle sticks are concerned this is a high probability chance that most if not all of next week is going to continue this trend breakout, but first it might do something beneficial for all those looking to join in.
Early next week, look for the market to rise to the 1.1070 area and provide an opportunity to sell with bearish price action. We're looking for the market to retest the support that was broken and then continue.
Sell Limit at 1.1050 or at Market Open depending on candle close this week
Target 1: 1.0840
Target 2: 1.0580
Stop loss: 1.1180
Please do your own analysis before deciding to enter a trade.
Taking a closer look at the analysis on the 4 hour chart as time progresses.