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Bearish price movement and pressure.
Explosive bearish price action broke below previous week lows and support zone.
Expecting some bullish pressure now, long holders got taken out and price is...
2 Counts presented here. Lets see which plays out.
Share your thoughts and observation in comments session :)
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What is the Bullish 3-Drive Pattern?
The Bullish 3-Drive Pattern (3-drives to a bottom)
Rare pattern where price and time symmetry are key
Should be easily identified, or “jump out” at you
Formed by 3 consecutive symmetrical valleys
Contains two connecting (intertwined) bullish ABCD patterns
Also contains bullish butterfly pattern (completing at 3rd drive)
After you all saw my last Short On EUR\USD getting 50 pips, lets now ride it all the way up.
Here is Why :
- Daily\4hr Candle confirmed uptrend in process.
- Tested Major support many times.
- Indicator's as mentioned in chart.
- Brexit coming soon that will push the pair to higher targets.
- Weaker USD.
Good Luck to all and don't forget your...
I bought EURUSD at 1.1314
SL is big - 50pips and placed at 1.1263
TP it too big - placed at 1.1516
So RRR - 1:3.99 - very good. Of course i close my position if find reversal pattern. But right now - it good trade to buy.
And after i publisd idea to sell USDCHF - subscribe to my channel :)
I added some key trendlines I believe have to be considered while trading the pair. I cannot state for certain where will the price move, but if it crosses the orange dashed line on the way up and then makes a U-turn, it might be a strong signal to sell.
I think that EURUSD still on bull trend. So we need enter in buy position. But Where?
Best enter will be on some low - when the pair updates the last lower extremum at 1.1433
I make there BuyLimit and TP will be 1.1514. SL - 1.1410. So RiskRewardRatio - 3.63
P.S. On chart order placed not full correctly so RRR 3.05. But really - 3.63 :)
Not the typical intraday FX trade I normally look for. This is a slightly longer term setup, so lower leverage. Target time frame is a week to 10 days. Will play out nicely if we stay within established range.
The next days may be critical for the dollar index. If markets defend around 96.30 and aggressively break through 96.15, there may be a significant downward move on the dollar. Another target on the dollar index is 95.80, 95.50 and 95.20. It is worth paying attention to the fundamentals, in particular, the situation in Italy. If there are serious problems related...