Thoughts on EURUSD (Waiting for the price to show retest)
Hi!
I haven't really seen much entry opportunities for yesterday night or today. Only EURCHF but you've seen it failed, though it was short SL. In the case of EURUSD, I think the price needs to show if it's going to respect the bearish trendline or it will break the trendline and retest. So we have again 2 scenarios:
We can buy if the trend line of the triangle pattern (this has 4 hits inside the traingle so it will be valid) is being broken and it'd mean the price may go upwards. We can find short positions but in the short term, but once it breaks the trendline there's a possibility that it will continue to be horribly bullish. Follow the light blue arrow as it shows the probable path it might have based in my point of view.
But if the trendline is being respected, then it may mean the price will be bearish and wait for the retest at the small support that may be a resistance. Of course, if this happens, the triangle pattern may be invalidated). Follow the orange arrow as it shows the probable path it might have based in my point of view.
But for now, I wouldn't recommend you to operate until it shows something. Be patient. Another thing is that the market structure is kind of fucked as it is inside a triangle. I mean, we're in a consolidation and the market is not showing clear market structure at the moment.
I haven't really seen much entry opportunities for yesterday night or today. Only EURCHF but you've seen it failed, though it was short SL. In the case of EURUSD, I think the price needs to show if it's going to respect the bearish trendline or it will break the trendline and retest. So we have again 2 scenarios:
We can buy if the trend line of the triangle pattern (this has 4 hits inside the traingle so it will be valid) is being broken and it'd mean the price may go upwards. We can find short positions but in the short term, but once it breaks the trendline there's a possibility that it will continue to be horribly bullish. Follow the light blue arrow as it shows the probable path it might have based in my point of view.
But if the trendline is being respected, then it may mean the price will be bearish and wait for the retest at the small support that may be a resistance. Of course, if this happens, the triangle pattern may be invalidated). Follow the orange arrow as it shows the probable path it might have based in my point of view.
But for now, I wouldn't recommend you to operate until it shows something. Be patient. Another thing is that the market structure is kind of fucked as it is inside a triangle. I mean, we're in a consolidation and the market is not showing clear market structure at the moment.
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