I would like to introduce myself (yet again). I am not going to sit here and pretend I am a self-proclaimed trader. Everyone has there ideas on the market, and I wanted to use TradingView as a platform to hone my skills and one day be managing a hedge fund. If you would like to follow my story as it unfolds you can find out more about the "BIPOLAR TRADER" at my blog below. I am not a forecaster, so don't ask me where price is going. What I define in my analysis is price points where I believe could be turning points or value within a specific market.
Let get started with the Analysis.
EUR/USD could be just as exciting as watching paint dry at the moment. We are in a tight trading range which means the banks will be loading up before pushing this price in their given direction. This market is excellent for intraday traders as the price has not deviated from the over the last five days. Looking at the overall trend (yellow arrow) for the two months you can see we are in a steady downtrend, clearly visualised by the downward stair pattern of the . For the reversal traders looking to catch the bottom potentially, there should be some value under the 1.11500 price (Green Value Area). On the other hand, you might be a trend trader looking for a pullback. Catch the price on the past at 1.12800 (Top White Line) or above (Red Value Area), would provide an excellent risk to reward with more than enough selling pressure as resistance. My personal opinion is this market is going to need another week to show its true colours, so if you are a swing trader, please hold tight. For the intraday traders have fun grabbing those quick wins on either side of the book.
Next update will be this weekend - Thank you for your love and support.
Nathaniel - "THe BiPolar TraDer"
Little Big Movement