On this 4H chart I'm looking for the retest of the mid-channel line followed by a retracement between the 1.2410 and the trendline pointed to by the blue line. That is where I will likely go SHORT to 1.23610 area.
The Russian eco kind of through my game off but I believe the EURUSD will get back on it's main course.
Just in case: If I see some nice price action...
I don't expect to go LONG unless it breaks above the 1.2500 and closes strong above.
Update: Looking at a wedge formation at the first support structure. Looking to take 40-50 pips on this. Happy Trading.
As always this is just a projection. Looking for an entry in the green zone. Should be able to keep a tight SL.
Projecting a BEAR move to approx 1.23592. Might see a slight retracement around 1.2391 to the 4H channel but I remain confident it will push below for a continuation.
I'm always commenting and reading other projections by fellow traders. I think it's time for feedback on my thoughts from the community GOOD or BAD. It's what makes us better.
BLUE Channel: 4H
PINK Channel: 1H
Retrace back to the 1.2500 levels. Quick TP tight SL.
This is a follow-on to my original post. I'm still getting the hang of the site and my first...