The euro continues to resist dollar bulls by holding this level.
Long wicks to the downside in recent price on the 4HR show bulls trying to push price down and break this level but failing.
Can see price might trade in this 50 pip range for the rest of the week. However, be ready to adapt your directional bias if we see a price break down through this level.
Happy Trading folks!
Comment
⋅
We’ve seen a break of this level. Following our previous analysis we have been bearish on the pair for some time and predicted bearish movement following the initial break of structure clinging with USD residing and long term high and lows across all majors. We’re expecting more dollar strength heading into next week.
Where you identified a 'double bottom' was actually liquidity being formed in the market, large players know this is a popular pattern and use it to take a lot of retail traders money, get their position filled as well support their bias. I'd be happy to teach if you were open to that idea
Jal121
⋅
@ZakRafiq0705 My aim on trading view is to provide simple longer term structure for traders to work from. I’ve been bearish on this pair and expected dollar strength for some time now. Nice to talk trading and I appreciate there are many different ways to trade profitably in the markets.
ZakRafiq0705
⋅
@Jal121, yes I agree, there are a lot of ways to trade 'profitably', but going into that you need to realise this emphasises how important risk management is. Risk management is used by the top 10 market participants (or movers) when conducting mitigation. This is outlined information that can be found in the bank reports. They use these retail strategies such as the one you're using yourself in order to support their bias, when your buy hits SL its turns into a sell which causes the market to move downwards. You've probably found a lot using your strategy that your SL has been hit and then the market fly's in your direction. This is market manipulation. So in summary, yes, there are a lot of 'profitable strategies', however, they are only made to be a certain level of profitable as the institutions will also use the patterns you're using to take your money and support their bias. Hope this helps you adapt in the market
Jal121
⋅
@ZakRafiq0705, my strategy? I’ve never mentioned anything about my strategy. I use a proven institutional strategy. As I said, this tradingview is used to identify long term structure for traders to build on. Nice talking to you
SteveRobey
⋅
@ZakRafiq0705, When you say liquidity, in simple terms does this mean that there's been lots of buying and selling in that area which hasn't actually affected overall price? I take it from your comment that this is different to a "double bottom", and if so, what makes it different, as they both look the same to me? Thanks