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.
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Taking a closer look at the analysis on the 4 hour chart as time progresses.
To me it was no shock I was short while most called out buy..
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I whole-heartedly agree. Weekly Candle close last week was a big prediction of price action to come this week, I wasn't anticipating it to be this aggressive but it worked out and it looks like next week will follow suit. Good luck and thanks for the comment :)
ElPatron.Y
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It broke down from the channel which should be an up channel and I must say I believe it is a huge bearflag... So targets can go deeper.
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I can see that from the high at approx 1.17, good input. I feel both have very strong value. Mine is supported by candle closes, yours utilizes the actual high that was created. I think it will be a little bumpier once we get closer to parity/retesting this year's lows