thanks damian. i see what you mean now.
Again something very useful.
You are all welcome. However please note that according to Sive's point of view DRPO in fact DID worked. I was expecting a bigger move for a DRPO so I considered it had failed and that gave me the context to play the DRPO failure, but if you think it has worked, then you have no context to play a failure. So , once again is up to each one of us and how we interpret price action. I encourage everybody to make their own analysis and see how it goes. best of trading for everyone.Very nice.
It seem it has worked allright, it bounced back from a 4-hour OP. are you still in? what's your target? 1,3030 seems a good place to bank in some profits, what do you think? I'll try entering short on that time frame for tomorrow's trading sesion. 1,3120 is hourly confluence resistance. Still we have 1,3060 level wich is current .382 retracement. will see tomorrow what happens.Well-did`t work! But 1hour RRT on the horizon maybe!
BTW Venelin, probably DRPO didn't worked because the first penetration of the 3x3 was too deep. it wnet up to .382 retracement of last swing down. That's not good for DRPO. And the second thing that is not good for DRPO is that when price came back below 3x3 it didn't take previous lows. It doesn't mean it will never occur a DRPO like that, but it's just about probabilities.14.45 GMT I see a DRPO on 15 min eur/usd
Well said Damian,Lovely review of Yesterdays action.BTW Venelin, probably DRPO didn't worked because the first penetration of the 3x3 was too deep. it wnet up to .382 retracement of last swing up. That's not good for DRPO. And the second thing that is not good for DRPO is that when price came back below 3x3 it didn't take previous lows. It doesn't mean it will never occur a DRPO like that, but it's just about probabilities.
MACD is bullish at close on 4hour chart - this is confirmed bullish trend.sive
i am confused. i took a look at your H4 and my H4. on both i see no bullish signs.
1- as a matter of fact, the price is still walking the band, that is, inside BB2 and BB1, hardly a bullish sign (now 6.43 GMT). usually price has to cross the mid-BB, penetrate upper BB1 and find support at said BB1. but that has not happened yet.
2- also MACD is on the verge of crossing the signal line but not quite yet.
3- and williams %R is still stuck in oversold with no cross to the upside.
4- 3x3 < 7x5 < 25x5
5- price hovering at daily pivot with no crossover yet.
i don't understand how is this bullish.
so what makes you say that the trend has turned bullish on H4?