Eurousd seems to be resuming the current downtrend with support at the 12670ish area,this was a text book trade of a pattern formation break and retest. But you know what they say about the text books.
Great charts again Gene ;-))
thanks pete, i have been looking at the 8hr time frame lately to add to my strategy, im finding i like the way it looks as it gives me an accurate measurement at a glance of the asian,london and new york sessions.
Good point Gene - I probably don't check my 6 hr and 8 hr view as much as I should to get a session view. I remember Dimitar having a 12 hr chart with his Russian broker - that would have been another interesting view to assist on mapping swing trade views? anyway have a great weekend - plan to finish before London close today ;-)
Thanks, you have a nice weekend also, will touch base soon.
Hi Gene - and Repeatable Method - 2 more great charts on the EU with both with different interpretations. If I got this correct RM's chart favours up - as above the two red line and the up trend channel then favouring up to over 2800 and touching 2825-30+ at the top of the channel.
That chart is based more on dynamic S & R - were your chart Gene as both dynamic and fixed horizontal resistance coming into play?
By having both - you believe Gene that the EU will stall at on of the 2 or 3 resistances before 2800 and then fall again to test supports lower ?
You are basing this on the fact we have not got out of the down channel yet - whereas RM as the EU already in the up channel to try higher.
Please tell me guys if I am reading you correctly ?
Hi pete, right now im viewing this current bullish activity as an intermediate correction within the established downtrend, i think the channel up serves as a possible scenario too march out of the down channel, as shown in the false break attempt at the top of the channel there is a level of volatility that has lead to two failed attempts to exit the channel, looking at the weekly i think the critical level to watch is the 12810 to 12850 area anything above that i will be viewing as bullish ,any flat rejection of that area i think we will go lower.
this is a shot of the pair on the 15min time frame thus far
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