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Long Scenario: if resistance 1.31000 is broken, enter at 1.31100, stop loss 1.29900, long target 1.33600. R/R=2.08.
Short Scenario: if support 1.28700 is broken, enter at 1.28600, stop loss 1.29700, short target 1.22000. R/R=6.0
The bears are showing weakness because their resistance trend line is being broken.
Wait for retesting of 1.08200. This bullish support line have been confirmed to reverse the price 3 times.
Long when price is reversed at 1.08200, and get confrimation when the recent bearish resistance trend line is broken.
Also keep in mind that ROC have found support and are...
Please see attached point and figure chart with a simple, solid and true view of the price action.
Do not hesitate to leave a comment. I always appreciate feedback.
Would be nice to hear if you agree with my idea.
Also, i dont see many point and figure chart laying around here on this site, so i though it would be a good thing to remind you how...
This is a clean point and figure analysys based on the price itself.
The price is creating trends and support/resistance line.
Observe the price and how it reacts to the lines to get a buy/sell signal.
Over 10 years EURUSD have been travelling from 1.16400 to 1.60050!
The support and accumulation at 1.16400 is broken, and new distance might be 0,84390 in the active major down trend.
EURUSD will have some retracement within the down trend, and try to reach new target 0.84390.