All the bulls got rekt - Forex part 3
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Dear followers,
In the last couple of days I saw a lot of traders are going long on EURUSD pair. I posted a chart when EU was 1.16488 on one of the top trader's post as I think many are going to get rekt. Since then, it has dropped around 80 pips.
My reasoning behind it was because:
1) EU is still in a downtrend - lower lows and lower highs.
2) When the price is at a relatively high position (look at the upside potential compare to the downside) we should focus on shorting the market
3) DXY is having a bullish outlook.
4) There is a gap in 2017 which may be filled
Hence, I would wait for EU to pull back to the 2 resistance areas (red block) and watch for bearish signs, such as bearish pin bar, double top, inside bar breakdown etc, and short. Depending on the location of the pullback, the two targets should be $1.119 & $1.082.
If you really want to go long, you should at least wait until EU breaks above the downtrend line and makes a double bottom.
Taiwan Bear
In the last couple of days I saw a lot of traders are going long on EURUSD pair. I posted a chart when EU was 1.16488 on one of the top trader's post as I think many are going to get rekt. Since then, it has dropped around 80 pips.
My reasoning behind it was because:
1) EU is still in a downtrend - lower lows and lower highs.
2) When the price is at a relatively high position (look at the upside potential compare to the downside) we should focus on shorting the market
3) DXY is having a bullish outlook.
4) There is a gap in 2017 which may be filled
Hence, I would wait for EU to pull back to the 2 resistance areas (red block) and watch for bearish signs, such as bearish pin bar, double top, inside bar breakdown etc, and short. Depending on the location of the pullback, the two targets should be $1.119 & $1.082.
If you really want to go long, you should at least wait until EU breaks above the downtrend line and makes a double bottom.
Taiwan Bear
Note
EURUSD is looking a bit bullish at the moment. But please watch the price action around 1.185 because:1) There are resistance structures at 1.1826 & 1.1866
2) AB=CD
3) Fib extension of AB
4) RSI close to 80
5) EMA144 & EMA169 happen to confluence with all the above
I might consider to short around 1.185 if there is any bearish pin bar, double top on the lower time frame etc.
Note
AB=CD completed. Rising wedge broke down and bearish divergence on 1hr. Could be a good time to sell. But please keep in mind EU can still go up to 1.192 - 1.193.
Note
Target hit. Can leave some positions and let it run.Note
Very nice profits yesterday. You can adjust SL of all your remaining positions to 1.1696. EU still has a lot of potential to drop more.Note
So funny, people un-follow me when I make bad predictions as well as good predictions. This analysis was 100% accuracy with 300+ pips profits.
Note
Beautiful fall guys. EU is still bearish and we want to focus on short. Keep your short positions from 1.182 (if you have followed this idea) and good to add more short positions at 1.163 if EU ever pulls back. Note
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