has anyone in here trade with EURUSD got baited by the short momentum of bullish? or about to pee and poop on the pant when EURO jumping rise quickly yesterday about 200 pips in few minutes (for those entry sell)? hahaha! if not, I really almost pee on my pant , I hold 2 position worth negative 4 pips!! and now it comeback !
But I am pretty sure, it clearly a bearish trend, and now it falling back after the big shoot yesterday around 200 pips @ 9.55 GMT MT4 time. (but total about 700 pips of the day)
Here the reasons that it will fall!
- in the longer hours time both RSI, SMA, MA…etc showing bearish trend and EURO hardly to recover after the strong hit and breach last week Friday and present more strong Sup side than Dem,
- Secondly, from the price action pattern (Cypher) the downtrend should be more, not just that length, it would be at least @ the level of 38, 50 to 61 Fibo retracement
- Thirdly, base only previous Cypher pattern from Jan-March (as you can see from the picture) it down even more lower to 141.4 Fibo level. If this second pattern follow the trend of the first one, we might expect the EURO fall even more lower to 1.153
- For now we don’t expect it to fall that low, if the trend moving as expect of this analysis to 38, or 50 or 61 Fibo level, be watch out at 61.8 level fibo this might be a strong reversal and bullish if it cannot breach that level of 1.187 or 1.186, as the pattern will trensform into another bullish 5-0 pattern golden triangle of Phi, BUT if it breach that level then we can expect 1.15
- Last but not least this is the big timeframe of 4 hours chart, and it consider to be more valid, the only thing is it take sometime, and that during that “take sometime” the rise and fall will be there.
Sometime SL strategy it eat up your money, imagine if you put 30 or 50 pips SL, after quick move it already take your SL, and then the price returned or fall back! and you already lost. BUT if you pretty sure with your strategy and knowing the price move, you can hold and wait!
Cheers, and please have comments and like, share to other!