Forex EUR/USD Daily Video, April 27, 2020

[Sive Morten]

Good morning,

On coming week we will see, whether EUR would be able to hold bearish scenario on daily chart:

 

[Louis123321]

Hi Sive! I'm sorry to ask again but could you please update AUD/USD? It's in a very tricky moment again, thank you!

 

[Sive Morten]

Hi Sive! I'm sorry to ask again but could you please update AUD/USD? It's in a very tricky moment again, thank you!

It is few to update actually. Price still stands at weekly overbought. It means that no significant upside action should happen. At the same time, on daily we have multiple bullish grabbers and, in general, downside action looks too slow and lazy. It means that AUD prepares to upside action and could show spike up to renew previous top, but I wouldn't count on real upside continuation immediately due overbought.

 

[Louis123321]

It is few to update actually. Price still stands at weekly overbought. It means that no significant upside action should happen. At the same time, on daily we have multiple bullish grabbers and, in general, downside action looks too slow and lazy. It means that AUD prepares to upside action and could show spike up to renew previous top, but I wouldn't count on real upside continuation immediately due overbought.

Thanks for the update! That was more than good enough, big help.

 

[megabizland]

Thank you Sive. So EU will retrace a bit before going long to 1.088. Thank you.

 

[Synchronicity]

Thank you Sive. So EU will retrace a bit before going long to 1.088. Thank you.

It pays to always talk about liklihood rather than use definite words like 'will'.
Even if Sive was convinced of what the price movement was going to be he might be wrong or something might change between him recording the analysis and the markets opening.

If you can hold both opposite scenarios in your mind it makes it easier to see when the price is moving against your trade and so you can get out or switch direction as apropriate.

Michael

 

[megabizland]

It pays to always talk about liklihood rather than use definite words like 'will'.
Even if Sive was convinced of what the price movement was going to be he might be wrong or something might change between him recording the analysis and the markets opening.

If you can hold both opposite scenarios in your mind it makes it easier to see when the price is moving against your trade and so you can get out or switch direction as apropriate.

Michael

Yes off course, he might be wrong, i might be wrong. But the end of the day, I need to put a trade and for now I "will" find a good position to short first before deciding to long again. So, in my opinion, I need to firmly stabilize my mind either to short or long first before taking any position.
However, I really appreciate your reminder. It shows you really care with fellow new trader. Thank you very much

 

[Sive Morten]

Yes off course, he might be wrong, i might be wrong. But the end of the day, I need to put a trade and for now I "will" find a good position to short first before deciding to long again. So, in my opinion, I need to firmly stabilize my mind either to short or long first before taking any position.
However, I really appreciate your reminder. It shows you really care with fellow new trader. Thank you very much

Well, of course. Mike tells about different thing a bit . He tells on identification of price action that serves us like an indicator. For instance, some level, or pattern. If market starts behave differently, it is early signal, sign that scenario has changed. So when you keep them both, I mean vital points for both scenarios - it is easy to identify what is going on right now.
In this case, if even I'm wrong and our suggested scenario fails - you anyway know what to do, because you have both scenarios on table and "secondary" plan.

 

[megabizland]

Well, of course. Mike tells about different thing a bit . He tells on identification of price action that serves us like an indicator. For instance, some level, or pattern. If market starts behave differently, it is early signal, sign that scenario has changed. So when you keep them both, I mean vital points for both scenarios - it is easy to identify what is going on right now.
In this case, if even I'm wrong and our suggested scenario fails - you anyway know what to do, because you have both scenarios on table and "secondary" plan.

Couldn't agree more. Off course the secondary plan is very crucial. I'm still learning and I'm still far away from that level. So, bear with me. Thank you Sive