EURUSD-Weekly Market Analysis-Jul20,Wk4

19 Jul 2020

For those who have been following my analysis should be aware that I've shorted EURUSD on the daily chart for the bearish Crab Pattern as a counter-trend trade.

So why do I still post the bullish Gartley Pattern setup? Well, we can't ignore the fact of a potential setup that is against our analysis. If you have already shorted EURUSD, you might be happy to know that this Gartley Pattern had a warning sign. Point C touches Point A(circled in yellow), a setup like this in most case that not the market might slight past point D and sometimes beyond Point X, that being said you shouldn't over-exposed/ over-trade this pair.

What if the market didn't slide past point D? Glad that you have this thought, that means you are a thinking trader. If it didn't slide past point D and show a reversal set up at the minimum I will shift my stops to entry on the bearish crab pattern and decide if I'm going to engage a new trade on the Gartley pattern setup.