Quote:
Originally Posted by o990l6mh
Let's suffice to say that I'm considering selling signals based on doing the opposite of my analysis 
I'll look into why my analysis crashed and burned later. Although I based it on a weekly chart I feel that it most likely can be said to have been wrong.
Right now I'm hard at work with my other strategies. I have come to one conclusion though. I'm going to focus on daily time frames. Only when I'm consistently profitable, if that day ever comes..., will I maybe look at shorter frames again. But by then I might not care to. (there is one exception to this rule, but that's the general plan.)
Back to work |
Let's take a moment here to check again what happened after my analysis. It's true that price dropped on the very next day after my bullish forecast, but after that it stalled and hasn't been pushed down further since. In fact it's now trading above the spinning top weekly bar that I based my hypothesis on.
After all I was analyzing weekly bars, so maybe I was a bit to hard on myself. Still the trade would have caught a big draw down and so far the potential reward has not been very attractive.
Todays bar isn't exactly suggesting a bearish move either. Price was pushed down during the early part of the day on low volume and when volume increased from Frankfurt and on, price action reversed and the Eur/Usd has been pushing higher until late NY. Now there seems to be a correction going on on low volume.
I know I shouldn't shoot myself in the foot again by making more (uneducated as it seems) guesses. But what the hey!
I'm theorizing that the Eur/Usd will continue it's bullish move for a while longer. DailyFX is expecting a lower top to be carved out before the next drop, but all the analysts at FXStreets tech analysis page are bullish in bias, so I have some support (pun).
Let's see if I can't get one right huh?