Forex EUR/USD Daily Video, May 07, 2024

[Sive Morten]

Good morning,

EUR is coiling around wide daily resistance range which is potentially interesting for short entry. But intraday picture shows that the context is not ready yet as EUR could try to move in 1.0830 area first:

 

[403fxboy]

Am I seeing a double repo with 3x3 on the 4H chart or would that not count?

 

[Sive Morten]

Am I seeing a double repo with 3x3 on the 4H chart or would that not count?

No it is not by two reasons - too small thrust (has to be 8+ upside bars). If you take it right from "C" point - it is interrupted with more than 3/8 retracement that is not good. Tops are also not of DRPO quality - look more like consolidation rather than failed attempt of upside breakout.

 

[403fxboy]

No it is not by two reasons - too small thrust (has to be 8+ upside bars). If you take it right from "C" point - it is interrupted with more than 3/8 retracement that is not good. Tops are also not of DRPO quality - look more like consolidation rather than failed attempt of upside breakout.

thank you for the quick reply. I see what you mean by C point being lower than F5. My reasoning for 'seeing' it as a double repo look-a-like is until point C price movement was quite extreme and I think (in my small brain) looks decent enough to still consider part of the overall thrust. The right side top's high is lower than left top's open but the right side was still close to the overall OP line (right top butterfly) so I think it may still have similar action to DRPO.

I've learned a lot from your videos last 6 months appreciate everything you do!

 

[Brett Reynolds]

thank you for the quick reply. I see what you mean by C point being lower than F5. My reasoning for 'seeing' it as a double repo look-a-like is until point C price movement was quite extreme and I think (in my small brain) looks decent enough to still consider part of the overall thrust. The right side top's high is lower than left top's open but the right side was still close to the overall OP line (right top butterfly) so I think it may still have similar action to DRPO.

I've learned a lot from your videos last 6 months appreciate everything you do!

It's an English Lookalike'..not a Russian one..