Eur/usd falls in a tight range while the market waits for the FED.
EUR/USD is testing the resistance at 1.0650 - 1.0660, but I highly doubt it will be able to break above it before the FOMC rate decision announcement. That said, I think that even if the announcement causes a movement to the upside it will be only temporary before the pairing starts falling towards parity again.
price is still testing the resistance level 1.0630 for the second day and still no sign for a break over the resistance. if price close today under the resistance level I will go short.
EUR / USD continued to trade high on Tuesday, but the upswing met resistance in the 1.0650.
Market attentions are turned to the meeting of the EDF hoping representatives withdraw the word âpatientâ in the declaration, which would give them the flexibility to start raising rates already in June.
This could trigger a downward phase for further declines in EURUSD.
[QUOTE=âbewayopa;689805â]EUR / USD continued to trade high on Tuesday, but the upswing met resistance in the 1.0650. Market attentions are turned to the meeting of the EDF hoping representatives withdraw the word âpatientâ in the declaration, which would give them the flexibility to start raising rates already in June. This could trigger a downward phase for further declines in EURUSD.[/QUOTE]
Yeah Iâm waiting for that pin to trade downwards
[QUOTE=âbewayopa;689805â]EUR / USD continued to trade high on Tuesday, but the upswing met resistance in the 1.0650. Market attentions are turned to the meeting of the EDF hoping representatives withdraw the word âpatientâ in the declaration, which would give them the flexibility to start raising rates already in June. This could trigger a downward phase for further declines in EURUSD.[/QUOTE]
In other side beside that pin, I also looking for price action after six candle sticks
yeah this gap gonna have to be closed im just looking for some bearish pa to short on down
The EUR/USD broke above the resistance in the 1.0660 and reaches 1.1032 by the end of the day making more than 400 pip, great rally for today.
Yellenâs post-FOMC press conference does nothing to encourage or disappoint USD bulls, keeping a pin-sharp neutral language with regard to Fedâs rate hike expectationsâŚand what does the dollar do? It drops about two hundred pips⌠It makes no sense (thatâs just the markets, baby)!!! Eur/Usd, Gbp/Usd, and Nzd/Usd, among other Majors, all rally up senselesslyâŚI expect this to be rather short-lived, however, so I remain on the sidelines.
Happy trading!
If I was a guessing man, I would guess the markets had priced in a more hawkish statement and were happy with a more dovish tone. Let the party carry on!
32 = The maximum percentage decline of my OTE for the day.
12 = The maximum percentage decline of my total account value for the day.
0 = The number of trades I closed today.
-Adrian
Yes, I agree⌠bullish expectations were somewhat fore-running the Fed , so maybe they were destined
to be somewhat disappointed⌠However, it could have gone either way, in my bookâŚ
For all of those new to forex. Do you see why the trend isnât you friend⌠Do you see how one simple word, can cause the currency to go against the trend 400 pips, or spike 150 pips in less then 5 mins even after the new was released. Imagine how many âbias sellersâ lost 6 months of profit in one day, because they were trying to calculate the âtopâ. If you trade price action, you can almost be certain to be on the right side of the trade, as you know that picking tops and bottoms doesnât play into price action at all!
Pretty bold statement bro. What I think last night demonstrated was the need to stick to your plan. PA forms the foundation of my plan but bobs learnt to diversify. A Secondary strategy is a donchian channel break. Havenât taken a trade all week with it. Then bang last night 17 trades got triggered. 11 losers 6 winners but I traded the plan used savy MM and only ended up 2% down. Which considering Iâm up 20% for the month is not a big hit. Just traded the plan. If I hadnât could of very easily seen alot more damage considering the first few trades was when the losses occured.
Parity may be on the cards but we could very well see this pair range for the next 6 months. Just my view.
I believe it was yourself or pipmehappy who said it best⌠The psychology of the trader makes them react in ways which they shouldnât. I am not sure how one could even come to such a round number as parity as a good price of EUR/USD Simply having an expectation of a specific price forces you to wager in a certain way which may go against price action itself. Have a look at EU on the lower tf for an example.
One who trades with a bias to the short side would more then likely open a fresh short everytime EU touches a daily pivot. Well have a look at all the daily pivots which were broken by EU today, and imagine how much heart ache one would of saved if they merely waited for the green candle which touched the pivot on the 1m or 5m to be engulfed. The engulf is the one TRUE confirmation that a reversal (a move to the down side) will resume. People essentially catch the falling knife by seeing the price spike and going against that short term trend without waiting for an engulf in the opposite direction.
Little things like engulfs falls into the rules of price action, and supply and demand. We can draw all the lines, and use all the indicators which we like, but the reality is that their is an unlimited SUPPLY of lots, and the market will MOVE against the demand in order for them to make profit. Until we start to see that will we always give back the profits we have earned for so long by swing trading.
Six months? The euro is still lower and dollar is still higher than two weeks ago. But I guess that could be six months to some of us. I know I have had a few nights that lasted centuries.
-Adrian
I have read some members post on other forums, and I see how they were chasing the EU sell as the price spiked then slowed down⌠Adding to the short with every 10-20 pips which it moved up, before you know it they were in red 80 pips, then that massive spike of 150 pips in 5 mins came, thus margin calling the account. Basically people see those type of market movements, and all the money management goes right out the window.
Those poor bastards. When the four week range is a thousand pips and the last week had a range of 500 pips, 10-20 pips is nothing and 150 pips is all in a happy hour.
-Adrian
EURUSD had a high volatile session yesterday with a 467 pips range after Fedâs monetary policy statement. The Dovish tone coming out from the Fedâs statement triggered a short squeeze pushing the pair to 1.1034 so today should be a digestion day, meaning that the price should stay inside the previous day range.