I've got EU possibly bouncing off the Daily time frame's 50-EMA. It's been an an aggressive downtrend
on the daily for a while, it's at the peak of a pull-back on that time frame.... at least that's where I'm
tracking it at. But, if yo don't watch the higher time frames, then I could see how that would be
a 15M TF buy, for sure.
Yes, looking at just the 240 might give that bullish impression of a deep pull-back. I use the W, D, 240 and 60 to do my top down analysis.
So, based on what I'm seeing... notice how on the weekly, you've got it in an extend pull-back up to the 200-ema. It makes a high, then a lower high.
Then on the Daily, you've got lower high's and lower lows, and price just broke the Daily 50-ema and is now in a pull-back to re-test it. At this point
am going to wait to see if the 50-ema holds on re-test, and if so, I'll go short with a target down to the Daily pivot-low. (where that arrow is pointing to).
Here's the Daily chart, with more annotations on it. See how the Daily was in a great uptrend, for quite a while, bouncing off the 21-ema several times.
Then it made a mid-term reversal breaking the 50-ema (yellow dotted line) making a lower-low. weill, it moved back up re-breaking the MA's and now is
back down, and broke and is re-testing the 50-ema. So, it's kinda in a funky place right now....it could bounce again off the 50 and then head back up to
500 level 1.2000. So, hard to say what's gonna happen. We'll just have to wait and see! :)
Very true, a 15m trade does have very little to do with the Weekly or Daily TF. So, depending on the time frame that you trade, it can be relevant or not relevant. The being said, I had
only mentioned/commented on this trade, because price was currently at a Daily TF key area (the 50-ema) that can act as strong resistance/support since it the Daily TF, and can for sure
have an effect on a 15m trade. Remember, Trading view is a idea posting/sharing interactive community. Hopefully you don't mind a comment on a trading idea, that's the whole point of
members that post/contribute to this forum.