My last 2 ideas on EURUSD have been bearish, and while the structure of the bearish continuation pattern continues to shift, my sentiment remains. We are still in a larger downtrend, price is struggling to gain traction to the upside, the recent strength that many were touting as the breakout indicating the start of a bullish trend has floundered.
Price has returned to what is, in my eyes, the lower channel boundary of a bear flag. At this point though I need to see not just a break below this boundary but a break below the late November low - that is the point at which I will feel confident that price will have broken it's ranging/consolidation period and is set to continue the trend down. As it stands, while my directional bias remains, I don't want to underestimate how long this ranging period could last.
Remember, you can be right about the direction, but if your timing is wrong then the trade is wrong.
My posts are largely ideas, the concepts behind trades. If I'm making a trade, it will contain the Stop Loss and Take Profit levels on the chart.
Price has returned to what is, in my eyes, the lower channel boundary of a bear flag. At this point though I need to see not just a break below this boundary but a break below the late November low - that is the point at which I will feel confident that price will have broken it's ranging/consolidation period and is set to continue the trend down. As it stands, while my directional bias remains, I don't want to underestimate how long this ranging period could last.
Remember, you can be right about the direction, but if your timing is wrong then the trade is wrong.
My posts are largely ideas, the concepts behind trades. If I'm making a trade, it will contain the Stop Loss and Take Profit levels on the chart.
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