-EURUSD printed a kangaroo tail on the daily chart after yesterdays close bringing so many questions, speculations and opportunities for today.
-From experience, we know a kangaroo tail is a sign of exhaution or trend reversal.
-However, our kangaroo in question here is bullish, and in a bullish trend; hence creating a wide range for profit buying targeting the 1.09250 area.
-The resistance zone around 1.09250 is what we need to watch closely. It is what will make money or blow our accounts today.
-Note that if price breaks that resistance and closes with a strong bullish candle today, its a clear signal that the uptrend is still strong and that we should ignore the kangaroo tail and continue buying Euros.
-Assuming price reaches the zone, we profit from trading the range but price does not break, what patterns do we expect to see?
1. Price could form a lower high. This by far will be our biggest indicator of exhaustion of bullish momentum and we could even see price go below the low of yesterdays candle.
-All in all if we are targeting buys we can only hope that price doesn't drop below 1.08400 from which we will have broken yesterday's low and should expect more selling pressure to I don't know where next.
-For now, Lets buy them Euros.
-Good luck y'all. Trade carefully today.
-From experience, we know a kangaroo tail is a sign of exhaution or trend reversal.
-However, our kangaroo in question here is bullish, and in a bullish trend; hence creating a wide range for profit buying targeting the 1.09250 area.
-The resistance zone around 1.09250 is what we need to watch closely. It is what will make money or blow our accounts today.
-Note that if price breaks that resistance and closes with a strong bullish candle today, its a clear signal that the uptrend is still strong and that we should ignore the kangaroo tail and continue buying Euros.
-Assuming price reaches the zone, we profit from trading the range but price does not break, what patterns do we expect to see?
1. Price could form a lower high. This by far will be our biggest indicator of exhaustion of bullish momentum and we could even see price go below the low of yesterdays candle.
-All in all if we are targeting buys we can only hope that price doesn't drop below 1.08400 from which we will have broken yesterday's low and should expect more selling pressure to I don't know where next.
-For now, Lets buy them Euros.
-Good luck y'all. Trade carefully today.
Comment:
Maybe?
Maybe?
Comment:
Comment:
-Played out as expected. Missed out on a couple of good trades because i was fixated on hunting buys. Profits made though.
-Played out as expected. Missed out on a couple of good trades because i was fixated on hunting buys. Profits made though.
Comment:
-TP 1 Hit. I will now either buy after a buy catalyst prints on reversal, or wait for a break of the 1.09200 area to confirm more bullish pressure then buy on retest.
-See you again tomorrow
-See you again tomorrow
EURUSD from my point of view. Trendline holding fairly. Buy orders still looking valid.