Hi, Ed.. I trade daily, from set up to set up, in trend I have position open for days/weeks, if possible. I expect very longterm short when we get The top of this correction and interests are positive for short so no need to close trade. In that set up I bought at low of 2nd but theoretically enter is at break of 3rd, that is why I put the arrow there. I trade on MT5 but to me this platform is useless for drawing that is why I use Dukascopy JForex, which is good and free of charge only I need to open new demo every 2 weeks.
Forex FOREX PRO WEEKLY, September 16 - 20, 2019
- Thread starter Sive Morten
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Sive Morten
Special Consultant to the FPA
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Morning guys,
EUR still stands in tight consolidation, but shows more bullish signs rather than bearish. On daily chart price stands under major K-resistance area two weeks in a row and area was challenged three times. Tight standing under key resistance level is a sign of preparation to breakout. Bearish market behaves differently. It tests resistance and drops further.
MACD trend also stands bullish. Dollar index price action provides even more bullish sentiment as recent spike there was W&R action as well:
On 4H chart we have the same COP target around 1.11 and you could find a lot of potential patterns - butterflies, AB-CD's etc. Bears have nothing to do by far as EUR stands above 1.10 area - the signal line and breakeven point between bearish and bullish context. Forming of higher lows right under major daily resistance is a sign of bullish dynamic pressure:
On 1H chart market repeats the same scenario two days in a row - yesterday we've talked about "222" Buy pattern around 5/8 support. Today we have the same - another "almost" "222" Buy and again, around 5/8 Fib support.
That's being said, bears have nothing to do buy far and have to watch for 1.10 area breakout. EUR keeps bullish context with nearest target around 1.11
EUR still stands in tight consolidation, but shows more bullish signs rather than bearish. On daily chart price stands under major K-resistance area two weeks in a row and area was challenged three times. Tight standing under key resistance level is a sign of preparation to breakout. Bearish market behaves differently. It tests resistance and drops further.
MACD trend also stands bullish. Dollar index price action provides even more bullish sentiment as recent spike there was W&R action as well:
On 4H chart we have the same COP target around 1.11 and you could find a lot of potential patterns - butterflies, AB-CD's etc. Bears have nothing to do by far as EUR stands above 1.10 area - the signal line and breakeven point between bearish and bullish context. Forming of higher lows right under major daily resistance is a sign of bullish dynamic pressure:
On 1H chart market repeats the same scenario two days in a row - yesterday we've talked about "222" Buy pattern around 5/8 support. Today we have the same - another "almost" "222" Buy and again, around 5/8 Fib support.
That's being said, bears have nothing to do buy far and have to watch for 1.10 area breakout. EUR keeps bullish context with nearest target around 1.11
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