ridethepig

ridethepig | EURUSD Strategy Notes

Short
FOREXCOM:EURUSD   Euro / U.S. Dollar
πŸ“Œ EURUSD Market Commentary 2020.10.22
A possible reversal between sellers and buyers taking profits

After Eurobonds Positional Play, buyers might consider the exchanging manoeuvre from 1.20xx a good level to take profits since these levels are dangerous waters for those wanting to add longs. However, the recapture of 1.18xx is apparent, and noteworthy of how RM accounts have driven the entire leg higher from 1.16xx.


Sellers simply play a protection of resistance here at 1.185/1.186 and have a chance to win control as there will be unaware buyers still loading here at these levels thinking a blue wave is positive for markets. To the downside, a test of the 1.153x is still pending and clearly visible that it is worthy of mention.


Remember, whenever retail sees that a position is not working initially, they will aim to liquidate and put the remaining capital into a better swing. Unfortunately, all too often, tactics are used to trigger the liquidation and can become very unpleasant. I mea the sort of situation we are seeing around U.S. elections is threatening for another sharp increase in volatility and we have covid to put the cherry on top.


Comment: A quick update here as we get caught in the choppy waters:

Trade closed: target reached: TP1 hit βœ…
Comment: A quick chart update here while we wait for Lagarde:

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Comments

good..see my idea

+2 Reply
A nice and tidy chart @AmithS
+1 Reply
GOOD ANALYSIS
Reply
Good work
Reply
You have indeed made it quite clear with "Sellers defending the highs like a LION ......."
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ridethepig i_am_siew
@i_am_siew, very pleased to hear that
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I must say again, your Fundamental analysis is in-depth and on point!

I would like to again give further insight for this period using purely technical analysis, as I believe this to be the reversal pattern you refer to on your chart …

Reply
Tradesy1 Tradesy1
@Tradesy1, The Butterfly pattern which lead to the creation of the Head & Shoulders ...

+1 Reply
Tradesy1 Tradesy1
@Tradesy1,

Price continues to respect the Entry and Target levels of the H&S ...

Reply
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