M6E1! trade ideas
Major Sign of Strength: Confirmation of No Supply on the EURUSDThe chart tells a story and the story unfolds bar by bar.
Today's analysis is a very good example of why it is really important analyse the market bar by bar.
EURUSD testing supply (Waiting for confirmation)The chart tells a story and the story unfolds bar by bar.
Let's play catch...the knife! Why you don't try to catch a falling knife. It would be great to be short..but we are not. Knife hurt when you catch them. On side lines with the euro.
Down goes Euro, down goes Euro...LESSONS:
1. If you missed the break down then you can't chase the trade.
2. If you missed the trade DO NOT try to catch the falling knife. You most likely take a hit to your account.
3. Wait for for something to setup...patience is your accounts best friend.
What's up the with EURO? No setups at this moment. We are sitting on our hands waiting. Stay tuned.
Head fake freddyWe are still watching the E6 closely. There was a false move on Friday. Could this have been the first pump before running? If they push it down Monday or Tuesday the weak longs will get squeezed and bail on their trades. Best to wait for a close outside of the wedge before looking for a trigger.
Would've, could've...Yes, the E6 is still falling out of bed. And YES, it would have been nice to still be short but that's trading. We rang the cash register as per our plan and we accept that. UNDERSTAND something...you will NEVER catch the exact top or bottom. You just want your share. :)
There is nothing for us to do with the E6. Time to be patient.
The finish line is in sight. Mr. Draghi keeps helping us sneak closer to our 2nd target. He must be reading our posts ;)
Nonetheless, we have pulled stops down to where our first target was hit. We are so close to the 2nd target that we need to tighten things up. It would be foolish to get this close and let a huge swing take us out. This has been a great trade and has paid us nicely. Take a look at our past posts to see how we initiated and managed the trade.
