The dollar has looked set for a reversal and coming into the week it didn't hang around at all. I had a bit of a short bias on EUR/USD and was looking for confirmation signal which pretty much came at market open.
Price pushed higher back into the key level taking out a short term high, but was unable to follow through to form a new higher high. Heading into Monday London session, momentum immediately took hold with a clear bearish change of character and price didn't look back > breaking structure and key levels with minimal effort.
I was waiting for a pull back to get short early which didn't occur. But no need to chase price, waiting and patience is part of the game.
Price has now broken another key support level and is set to retest it as resistance. This will be my entry point (see screenshot) > using the 70.5%-78.6% fib retracement level and my stop above Tuesdays high. Keep it simple.
tradingview.sweetlogin.com/proxy-s3/snapshots/v/vz05CToB.png
Price pushed higher back into the key level taking out a short term high, but was unable to follow through to form a new higher high. Heading into Monday London session, momentum immediately took hold with a clear bearish change of character and price didn't look back > breaking structure and key levels with minimal effort.
I was waiting for a pull back to get short early which didn't occur. But no need to chase price, waiting and patience is part of the game.
Price has now broken another key support level and is set to retest it as resistance. This will be my entry point (see screenshot) > using the 70.5%-78.6% fib retracement level and my stop above Tuesdays high. Keep it simple.
tradingview.sweetlogin.com/proxy-s3/snapshots/v/vz05CToB.png
Order cancelled
I was expecting a sweep of the Asia session highs, it didn't come and sometimes price just goes ahead without you. On to the next.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.