Short bias, keep looking for price to make a new historic low below 1.2000.
This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.
If my charts are not clear, you can pm me anytime to ask any questions, I am more than willing to help. And if you want to look my my positions, you can click my etoro link from my profile, you will see my trading positions under portfolio.
Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.
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Tuesday
I turn slightly neutral now, but if support is broken then I turn bearish again.
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Wednesday
That was a big squeeze, now I want that 1.2200 support to be tested before going long. Else I would stand aside and watch if it keeps going up. No point chasing this market right now.
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Thursday
Still waiting for a test of 1.2200 before deciding bias.
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Friday
May not get the test that I want, structure is bullish every way I see.
Comments
revesrenard
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Great analysis. I'm holding a short position as well.
Tendorian
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@revesrenard, Thanks, however there is a possibility of price reversing at a new low, or if it managed to climb back above 1.2200 on Monday.
revesrenard
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@Tendorian, Thank you for your insight. I managed to hit my target. Great way to start the week.
Tendorian
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@revesrenard, No problems, my TP got hit too, let's just stand aside for Monday and just watch what happens.