Remember back at end of April and watch out if a Euro seller and month end - likewise second last day of May I drew attention to the descending triangle enticing some sellers.
Now second last day of June and dbl top yesterday, then break of yesterday’s low and break of the 00 late in the day.
Same thing yet again:
A bit confusing discussing the move and using inverse graph, probably we could get clearer notion with traditional direct exchange rate
Ontario - most above charts are Eur/Gbp - usually GMT and usually hr1 - if not then detailed.
None are inverse - pointing out how and why Euro gets bought near month end, explanation is back a bit.
Also pointing out how easy it is to see sells using TA at this time - that’s just the MM wizardry, also the reason why you may have thought the charts were inverse.
Edit: posts 57 couple weeks ago to today’s are all the same chart - todays shows the past couple of days, previous was start of this week, see how price hit the red line that has been there for a long time, that early GMT - that was the buy or ‘support’ level.
For more clarity - post 52 was beginning of this month - the level that was important was the 20 (i.e. 87.20).
If that was breached on brexit news then sells, there was a poor attempt at 87.18 mid month but again just the MM’s getting a good price, there was no Brexit news positive for GBP.
Here is the same chart, this time for all of June on hr4) - now possible to see clearly.
Yellow line 87.20
Oh I thought it’s EURUSD so its my bad that I calculated it incorrectly. Glad to see you’re working with basic S/R lines to avoid confusion related to other complicated price indicators
Yeah, levels are important, but indicators can be used to get a sense of what’s likely to happen up ahead.
For example, today I placed a down arrow on Eur/Gbp half hour before NFP .
Went a few pips above the arrow but the indicator got it correct - back to the 88.50 level was the order of the day…
Now having said that it’s Fri afternoon, so back to that level was not really a surprise, but imagine what the 10-15 pip guys can do with that.
Indicators are just that - an indication of what may happen during/after news.
Looks like there was a failure swing formation, i.e. confirmation of short-term reversal. Seems all EA point to the same fact just want use different approaches, sometimes too confusing, sometimes not.
The old red line is history I mentioned on another thread 10 days ago about a new one,
60 years later, the beginning of the new EU - post 143
The Brexit news has remained pretty much as was since, so the TA came to the fore.
The bottom line is 88.20 - buy orders sitting there, was previously 87.20 as mentioned up above.
This is news trading on a news trend - steps to levels:
