EUROPEAN SESSION
A) CALENDAR
-No Press Releases
B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.4200 117.20 2.0450
R2 1.4165 116.95 2.0425
R1 1.4150 116.75 2.0390
S1 1.4115 116.20 2.0330
S2 1.4085 116.00 2.0300
S3 1.4065 115.70 2.0275
C) WATCH
-Interest Rates
D) TRADING TIPS
Major Reversal Patterns
Differences Between Tops and Bottoms. Topping patterns are usually shorter in duration and are more volatile than bottoms. Price swings within the tops are wider and more violent. Tops usually take less time to form. Bottoms usually have smaller price ranges but take longer to build. For this reason it is usually easier and less costly to identify and trade bottoms than to catch market tops. One consoling factor, which makes the more treacherous topping patterns
worthwhile, is that prices tend to decline faster than they go up.
Therefore, the trader can usually make more money a lot faster by catching the short side of a bear market than by trading the long side of a bull market. Topping patterns are harder to catch, but are worth the effort.
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