Sive Morten
Special Consultant to the FPA
- Messages
- 18,712
Morning everybody,
Once we've thought that market could become quiet - EUR shows nice upward action. Once again, the scale-in entry method shows best results. Now I would say that short-term context has turned into bullish.
On daily chart we can't see it, here everything mostly stands the same:
While on 1H chart we have upside acceleration, no bearish grabber has been formed. And now, take a look, we could get the opposite one. This is the first pattern that we need to keep an eye on. Second is - our revere H&S or Cup& handle - how you like it more:
Performance on 1H suggests that downside action is done. With upside acceleration to XOP and breaking all local resistance levels - this way of action is not typical for starting of the 2nd leg of downside retracement. Thus, we suggest that upside breakout looks more probable now and could take the shape of the butterfly. Chance for position taking we have here, right at 3/8 support level where market now stands:
So, let's see...
Once we've thought that market could become quiet - EUR shows nice upward action. Once again, the scale-in entry method shows best results. Now I would say that short-term context has turned into bullish.
On daily chart we can't see it, here everything mostly stands the same:
While on 1H chart we have upside acceleration, no bearish grabber has been formed. And now, take a look, we could get the opposite one. This is the first pattern that we need to keep an eye on. Second is - our revere H&S or Cup& handle - how you like it more:
Performance on 1H suggests that downside action is done. With upside acceleration to XOP and breaking all local resistance levels - this way of action is not typical for starting of the 2nd leg of downside retracement. Thus, we suggest that upside breakout looks more probable now and could take the shape of the butterfly. Chance for position taking we have here, right at 3/8 support level where market now stands:
So, let's see...