4h is trending up with the 14ema and 50sma both providing confluence as confirmation. - however after a big push up we may be seeing a retracement about to unfold.
moving to LTFs (15m) price is consolidating after finding support at the 62% level. i will be waiting for a break above the box to go long but also watching the 4h, this is because if...
so my idea on the short was wrong.
however the long entry played out to a T!!!
if you pull out the fib retrace on the 1H you will see price is headed for the previous resistance at the 50% level.
once price bounce off that i will be going long again to TP2
potential to break support and retrace to 61.8.
61.8 is strong resistance zone so it could be expected that price creates a new support here.
if support is formed then we can expect price to continue the bullish momentum.
on top of that, USD is very strong at the moment. so i have no doubt price will rise again.
so once price retraces i will be buying the...
clear bearish market on all time frames.
negative news was released today about the housing market in germany which has significant effect on the euro.
USD is very strong atm across almost every pair.
it makes sense to short the euro.
simple trend analysis
resistance has been broken and is now support.
strong bullish momentum on HTFs.
good signals to buy to next 4h SR zone.
this may take a while to play out but i am confident it will happen.
its just a matter of entry point and where my stop loss is placed.
for the majority of this set up i was correct.
what i was wrong on was the trend reversal.
i did show that the daily was pushing up. but i was short sighted because of the double top. thankfully a small TP (scalp) saw me retrieve a few pips.
we have a pretty obvious double top on the 4h, 1h, 30m, 15m... which signals a trend reversal. HOWEVER, on the daily chart the bulls are winning and we are going up.
now to trade double tops ideally we want the second top to be lower than the first top and this will provide us with a strong sell signal. but because the daily is showing an uptrend we are going to...