I wanted to title this post What’s Going On With The Euro? Because I honestly don’t have a clue. With the lack of movement in the markets, it’s been really difficult to get a true read on certain pairs since they just aren’t moving too much. With no major news out today and CPI & FOMC coming tomorrow I’m expecting more of the same today. None the less, it’s still important that I go through my I.P.D.E. process and at least make some predictions so that I have some sort of structure (no pun intended) going into the trading day.
As I always do with my analysis, what I have drawn on this chart is just a series of harmonic moves and Fibonacci extensions, inversions & retracements. They create a nice zone between the 1.1020-1.0980’s level. With that being said there’s no real level of structure at that level that gives me confidence in a reversal at that area so I’m not actively looking to get long there from a swing traders perspective. Could be a good day trading option if we get the right type of reaction once we hit it.
Anyway we’ll see what happens and hey, if you want to see me do this analysis live, I’m testing out a Youtube Live Stream today at 8am New York time. Here’s the link (I think) youtube.com/watch?v=SfiGYUGWiuM but if you’re subscribed to my youtube page you should be notified I believe (based off of the test this morning).
I hope I wasn´t keeping you up with all my questions AKil? :D
There´s a Pennant in the daily chart for E/U.
Akil_Stokes
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Nope, they little guys just didn't feel like sleeping last night
Henrik-SMCTrading
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Oh, so you have some Minions there? :)
What about that pennant? Typicaly means a bearish move breaking out from it..right?
Henrik-SMCTrading
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....WHen the trend is bearish before the pennant...that is.
Akil_Stokes
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yeah i've got a 9 month old roaming around. and yes those type of consolidation patterns usually (not all of the time) break out in the direction of the trend
Henrik-SMCTrading
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Oh, cool. I´m waiting my second one in November.
Akil_Stokes
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Nice, congrats man, our will be 1 in novemember
Akil_Stokes
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Almost as good as a a month as October
Henrik-SMCTrading
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Hehe, yes indeed.
I have a daughter at 9 years aswell from an earlier relationship....so I´ve been there....those long nights....and even longer days at work.
Good morning Akil!! Your help is amazing!!
I would like to ask you if there is a site, a blog or a secret corner which gives a prediction if the forecast of the releasing news will be correct.
There´s a Pennant in the daily chart for E/U.