On FX:EURUSD, there is an opportunity for SHORT on Monday
1. The price is at resistance zone at 1.0871. Price respected this level few times and it is more likely that it will do again. 2. Trendline (Blue line, dynamic resistance) exactly hits the our reversal zone (red area) 3. Fibonnaci retracment 38% is at the same level. 4. The bars made tweezers, which is also reversal signal. 5. Divergence
These 5 confluences give this setup high probability rate to sell EUR. I wait market to be opnned and then enter the trade. Put your SL above the resistance level. It is important to give some room to avoid spike and noise moves, when the market opens. ----------------------------------------------------------------------------------------------------------------------------------------------------- Trading Books Online - trading-library.com TOP 10 Forex Broker: best10forex.com
Komentar
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The market is opened with a gap.Bulls quickly filled it. Now bears start getting their power and push the price down.
Very limited bull power at 1.0870 region. Lots of wigs/shadows at the tip indicating bulls losing every time at that level. Strong 8:00 o'clock (GMT) bearish candle. Upper trend line of blue channel you drew is a bit iffy due to extreme market movement during and after Fed rate decision last week.
All in all, I can see at least a retest of 1.0800 and with some luck lower.
NigelMiller
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currently short 0862
NigelMiller
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took a 1 pip hit
Art_of_Trading
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The buyers to try to the price up, but that key zone rejects every time. Sellers also there. It is interesting who win that battle
NigelMiller
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Hi for me and being a monday they will run it up,take the stops out and reverse around 0950.we'll soon find out....
NigelMiller
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they ran it like I expected 10 pips off 0950
stream
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on monday that resistance zone can give support to 1.099 . There is a break above 1.10 .We cant ignore that ,
Anyway , on friday the things look a bit different .
All in all, I can see at least a retest of 1.0800 and with some luck lower.