EURUSD - Weekly - Bearish Bat - Is there a Bull before the Bear?
Hi Guys,
Here we have the EURUSD on the Weekly. I feel like I've been waiting to enter something on this one forever. In fact, I did enter earlier in the week but came out with a small profit.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Bat Nearly Completed (the bat is from the annual high. I entered a different one but feel there is more Bull yet.)
* Respecting One Year downtrend (If this is broken, indicates a rise until my 'D' point)
* If it breaks the One Year Downtrend, should then respect the two year before reversal
* Currently bouncing between weekly support and resistance levels (Let's see which it breaks)
* Potentially Breaking out of a Uptrend on the daily (If it does that's a signal to short before 'D' point)
* 1:3 Risk to Reward
I will be watching tomorrows performance closely. If there is a significant break of the uptrend I will be going short. If there isn't I will be waiting for the 'D' point completion.
Do let me know of any questions.
Thank You!
Victoria
Here we have the EURUSD on the Weekly. I feel like I've been waiting to enter something on this one forever. In fact, I did enter earlier in the week but came out with a small profit.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Bat Nearly Completed (the bat is from the annual high. I entered a different one but feel there is more Bull yet.)
* Respecting One Year downtrend (If this is broken, indicates a rise until my 'D' point)
* If it breaks the One Year Downtrend, should then respect the two year before reversal
* Currently bouncing between weekly support and resistance levels (Let's see which it breaks)
* Potentially Breaking out of a Uptrend on the daily (If it does that's a signal to short before 'D' point)
* 1:3 Risk to Reward
I will be watching tomorrows performance closely. If there is a significant break of the uptrend I will be going short. If there isn't I will be waiting for the 'D' point completion.
Do let me know of any questions.
Thank You!
Victoria