It's critical to spend time on the long term charts. From monthly you get all the important areas in the chart and it's usually where the big trends are showing their hands. In weekly you get early notifications about the possible trend change. Daily, you finalise your R/R's and execute or you can come down to 4H to be precise. I see a potential bearish bat in EURGBP with PRZ 0.7780-0.7925 to be aware off Julien, it's where I watch price action to sell.
A close and test above channel and it will create a new demand zone starting at 98.20
Cheers,
P
Mirandole
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Hi Pantheo !
I can't agree more about how much is important to have a good Macro-Long View to trade.
I thank you sincerely for your DXY chart. It is useful for me to put it in my Long Term View Portfolio.
On EURGBP case, I've seen both Bearish Bats. Were you talking about these ? :
I'm confident about this uptrend. No sign of exhaustion yet but i need to be careful, you're right !
Best Regards,
J
Mirandole
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Sorry, my copy-past failed !
The second Bearish Bat is here :
Mirandole
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The uptrend looks strong. I may re-enter long soon.
I don't know how this will end but the crowd is massively selling GBP against EUR so....
Regards,
J
pantheo
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Yes,these bats. Sure, sentiment daily wise is extreme, but I think BOE will be one the wires today and thursday so a lot of volatility. Normally I am closing short term positions on these days and leave the long ones only i.e. monthly, quarterly etc. Pound has resistance at 1,4620 and 1,3950 - 1.4000 is critical support. By closing below 1.5400 confirmed the long term bearish view. If you reenter focus on the impulses that will be revisited, because probably some unexecuted long positions are still there waiting. Take care J.
Long EURGBP may not be exhausted yet.
Best Regards,