EURUSD - Indecision Point (another one)
We have EURUSD at an indecision point another time.
Let's have this straight. Many of the traders at this point will see a strong opportunity to go LONG with tight stops or no stops at all. Like every other day of the previous week, a small retracement that is just a part of this trending cycle triggers a wave of swing / intraday buyers.
There is still NO confirmation that EURUSD will go up and will break the channel that it's in. It just keeps trending.
Every time it sets a new low I see "I long EU" message. Every single day! Come on people, don't you know how to behave in a trending market?
1) Don't go against the trend. Follow it.
2) If you still want to go Long - wait for a confirmation, example: triangle break. Please be patient.
3) Don't see every support as a support. The trend is very strong and will break every hourly and daily support. Look for a monthly/weekly support. Somewhere 2016/2017
It confuses me every time when the market starts trending and accounts get blown. Ride the wave and don't let it go. It's easy.
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Right now there are two options for EURUSD:
#1 Try to break the channel and escape the triangle
#2 Continue trending down
Number one will only happen after the current price gets rejected. Right now as you can see its a middle indecision point in the channel and there is not much to say. We have to wait to London / New York on monday.
Number to will happen if we don't see any changes in Monday behavior of EURUSD
Good luck and stay cool!
Let's have this straight. Many of the traders at this point will see a strong opportunity to go LONG with tight stops or no stops at all. Like every other day of the previous week, a small retracement that is just a part of this trending cycle triggers a wave of swing / intraday buyers.
There is still NO confirmation that EURUSD will go up and will break the channel that it's in. It just keeps trending.
Every time it sets a new low I see "I long EU" message. Every single day! Come on people, don't you know how to behave in a trending market?
1) Don't go against the trend. Follow it.
2) If you still want to go Long - wait for a confirmation, example: triangle break. Please be patient.
3) Don't see every support as a support. The trend is very strong and will break every hourly and daily support. Look for a monthly/weekly support. Somewhere 2016/2017
It confuses me every time when the market starts trending and accounts get blown. Ride the wave and don't let it go. It's easy.
----------
Right now there are two options for EURUSD:
#1 Try to break the channel and escape the triangle
#2 Continue trending down
Number one will only happen after the current price gets rejected. Right now as you can see its a middle indecision point in the channel and there is not much to say. We have to wait to London / New York on monday.
Number to will happen if we don't see any changes in Monday behavior of EURUSD
Good luck and stay cool!
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