The EURUSD is at a very interesting price point as we've retraced off previous structure highs and made our way to a previous power level of structural support. We're now stuck with the question of is this simply a retracement before the next extension higher? or Is this the start of a potential head & shoulders pattern which would signal a trend reversal at this area?
This situation lines up perfectly with my saying of "be predictive in your analysis, yet reactive in your execution" meaning that it's okay to make predictions about what you believe the market will do, but waiting for the market to provide you clues before entering will often put you in a better trading situation.
I'd love to hear what you guys think about this potential setup as I'm sure opinions will be all over the place. But that's the beauty of having a community here on trading few, you get to see the perspective of many traders and that can often be very valuable.
In my opinion, I don't see us doing anything on this pair until tomorrow ECB Press Conference and Rate decision.
Lastly, make sure you check out my signature section below, trust me you don't want to miss it and it ends in just a few days.
Akil Thanks for helping us reach 100K Subscribers!!
Kommentar
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Just a reminder
7:45am NY - Bid Rate 8:30am NY ECB Press Conference
@form7gt, Sorry for the late response, I was out and about. To answer your questions, as a technical trader I'm not to concerned with the fundamentals.
FxStreamer
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I never trust 60min chart. 4h chart says a lot more.
Akil_Stokes
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@ehsan666, and I would argue that a daily says even more than a 4hour chart. The higher the timeframe the less "noise" you have to deal with
FxStreamer
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@Akil_Stokes, yes but head and shoulder in 1h is not reliable in my opinion. but some noises in 4h help me to realize if the market wants to go upside or downside. for profits of 100-300 pips . in 1h i barely can have 1-1 risk reward . so difficult almost only advanced patterns work for me . I dont trust double tests, or ABCD, or divergence. so random so low probable trades in 1h.
Akil_Stokes
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@ehsan666, That's the beauty about trading, one trader's gold is another traders junk and vice versa. And at the end of the day as long as each trader can be consistently profitable over time, then they both end up on the top of the hill.
FxStreamer
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@Akil_Stokes, Yes thats right. Just have to figure out which kind of trade is suitable.
Akil_Stokes
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@ehsan666, and that's why traders who put in the work beforehand tend to have a better chance at becoming successful, while traders who don't have a better chance at joining the 90/90/90 club
What do you think