Italy referendum is here. This might just be catalyst for sell off...I took short Friday. So lets take a look at charts:
Monthly:
Just another red doji. Mometum failing to upaide. macd is ready to turn lower.
Weekly:
Another doji again. Look at highlighted pattern i have shown. price has memory .Trend is however bullish but macd is still down
Daily:
Below cloud after trump rally. Macd down.
This is enough for me to take the potential short trade. SL is in place and worst case i will get stopped out and it will be just another loss.
For me, risk to rewards here is to downside not to upside. Why?
Yields are rising on inflation hopes. Bonds are taking a hit. Why would stocks stay higher then? Simple economics.
So I am short. Good luck to you all and will post eurusd analysis later. i am liking eurusd to parity soon.
Monthly:
Just another red doji. Mometum failing to upaide. macd is ready to turn lower.
Weekly:
Another doji again. Look at highlighted pattern i have shown. price has memory .Trend is however bullish but macd is still down
Daily:
Below cloud after trump rally. Macd down.
This is enough for me to take the potential short trade. SL is in place and worst case i will get stopped out and it will be just another loss.
For me, risk to rewards here is to downside not to upside. Why?
Yields are rising on inflation hopes. Bonds are taking a hit. Why would stocks stay higher then? Simple economics.
So I am short. Good luck to you all and will post eurusd analysis later. i am liking eurusd to parity soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.