Note: I have drawn key resistance levels at 1.49872 and 1.36454 respectively. It looks like the market is ranging but it has been climbing up prior. Highlighted key support level at 1.179918.
Note: From weekly TF it still looks like the market is in a ranging mode but it might climb further up.
Now if you look at key resistance level at 1.36454 both on monthly and weekly chart the market has been struggling to go past the level. Initially I was waiting for bearish engulfing bar to appear on this level and if it did i would have went short. In case if it breaks the key resistance level then it turns into a support level and I could have went long respectively.
However the problem is I was expecting to see some changes /formation of more candles/ this morning. To my surprise there hasn’t been much progress on both monthly and weekly TF s since yesterday. It still is struggling to go past the key resistance level that I marked at 1.36454. Now I’m starting to wonder as to why it is taking a day ? I’m indecisive as I haven’t gotten a signal whether to go long or short. Is it always like this with longer TFs where you have to wait for entry signal for a day or sometimes even longer ? Or am I doing it wrong. Please kindly comment on whether I’m drawing the key support & resistance levels correctly. Just wanted to make sure why I’m doing makes sense. I know it is not about right or wrong.
Any response is appreciated! Thanks a gazillion. I’m not sure where I’ll be if you guys weren’t there. Its babypips forum that is helping me to progress as a trader faster! :8::5:
The EURUSD barely moved yesterday or today at all. I took a bullish position yesterday at Sydney opening hoping to get at least 40 pips by tomorrow. So far its only moved ±25 pips since beginning of the week, and is now back to baseline.
PS> How do you not get totally burned by the swap when holding a position as long as I’m assuming you do (given your TFs).
Thank god! I’m not alone. I thought either something must have been wrong with my platform or I’m doing it all wrong. The market hasn’t moved much. I’m just trying to ride along with the big move and I guess it’s not happening anytime soon with EURUSD. I haven’t entered any trade yet as I’m indecisive about whether I should go long or short. From what I can see from both weekly & monthly TF the market is ranging so possibility of market heading up or down is really 50-50. So I have been waiting for a signal. And I was unable to get any signal as there hasnt been any significant moves since yesterday which I started drawing key S&R levels.
One thing I would like to point out is that if you have not received a trading signal from your chart set-up/strategy then do not trade. You should not trade what you like to see in the charts, but trade what is there in the charts. Sounds easier than it is, but just because you draw some S/R lines does not mean that price action will act/react to them. It is a bit more complicated than that.
