The Text Boxes Says Everything. Be Patient...Don't Anticipate...When Price Confirms a Direction...Capitalize!!!!
Comments
TASAVANT
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Great call Chris, what I mostly see with pennants is that the 1st break out or break down is mostly false like we see in this chart . Again great call...
fcha
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Thank you!
Gino
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Are we due to an up swing, any ideas guys? Thanks
fcha
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I m waiting for Chris to update the chart and wait for a sign to go long. Chris is very good, I trust him.
Gino
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OK,,,,,,,,,, Chris, we are waiting.
ChrisMoody
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fcha...your anticipating what you think will happen. Your too good for that. The chart above lists the major support levels...but who's to say it won't keep falling to the red box area. Just trade what it's currently doing. If you get a bounce and the trade meets your criteria take the trade with a stop below the recent lows.
I've made a lot to the downside...I've taken some profits...so I'll be looking to short bounces...if I get stopped out I made a nice profit...but it's currently falling and that's the only smart play.
ChrisMoody
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FCHA...You tell me...what would be a High Probability sign the Euro is going to make a substantial move to the upside...Vs. a a move that would be a good short to the downside.
Gino
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I would say if weekly close above 1st support level is a sign of a good move up.
ChrisMoody
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Answer: If you see a SHARP Move up is Institutional Traders Crushing Retail Traders who are short and forcing a Stop Run. Look for place to short.
IF you see a measured move up...Then a retracement Lower making a Higher low...Then you have a good place to buy.
It's all about Price Action. Always ask WHAT Would HURT the RETAIL Trader...There are a lot of retail Traders Short Right Now...Unaware of support ares close by...perfect opportunity for Institutions to Drive Price up and establish a better place to add to their short position.
ALSO if Institutions Think the selling has run it's course...it will be a measured move up...Then they will drive price back down stopping out all the retail traders going long...again allowing them to add to their Long position at a better price.
Billion Dollar Funds Can't go ALL IN right away...they have to establish their position over time. So if they go long...they will short in another account to drive price down to allow a better place to add to their longs. Despite what people think Institutions can see what other institutions are doing.
Gino
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Awesome, thank you Chris. I need to read this everyday.