Good morning fellow traders. Im in a countertrend long on the EURUSD. lets see how far this wil go. if we bust up above the 382 fib level (which is also the last seller block that is in control) I expect we go retest the 618 :)
Good luck trading today. cheers Duy!
Will we use the S/R consolidate here and go up from here or are we going to retest the old range first (BLUE LINE)? Im long on the midterm on this pair. looking at price action as a hawk for a new long entry.
We got a nice spf on the daily with a lot of sellers stepping in. 4hr wise we are still in buyers territory money flow wise. so I expect we get a corrective move at least. we have some contradicting signals. we can get bullish again but I don't expect we can take out a W supply in one take from here without a recharge or refuelling in a propper demand area down...
Yesterdays impulse can be just a fake in my opinion we are still below the old range. so at the moment it is not significant enough in the big picture. here is a target is we going to make new lows! Price should be ready to reverse in my opinion but it might want to make a new low first. have a nice weekend!
I tried to counter trend short a yen pair the past days, anticipating on a retrace. it did not materialised yet. I did not had a loss, but price didn't made the retracement I was expecting.
this is my last attempt. price is moving into an supply confluence W/D/4 so there should be some reaction from here. anyway lets see what we get because yen is weak across the board.
Price moved the past two months in a flag kind of structure on the weekly chart. Yesterday it managed to breakdown out of this channel, We found some liquidity below a moved price back into the channel. Because price just bounced back up without consolidation I think we will break the 0.382 fib level. This will open the door for price to go at least to the 0.618....
On the Lower timeframe EURO/CHF looks overextended and hot in RSI. we are also approaching big liquidity pools on various bigger timeframes. I expect price is going to retest the neckline at least.
Will we bounce and break the downtrend on the daily or will we make a new low? im inclined to think the latter. since that could finish the bear flag on the weekly for EURO DOLLAR.
The angle and distance towards the trend line is minimised now. We needed 11 bars to get there in whole downtrend.
That was is a lot of effort and time. now we can break it in a few hours. all depends on Bitcoin now, but I'm bullish on ETH.
