Who is waiting for trend reversal in EURUSD? I expect this would happen after NFP, since the currency pair has been trading on a range in 1D time frame. On the other hand, EURUSD could break out from the range, but why it would do that? Yesterday evening there was the FED interest rate decision and there was a nice move up. EURUSD appears to be currently overbought. Any thoughts?
I am looking for a trend reversal in EUR/USD. I will go short at the top of the second leg of what I may believe to be a double top but for all other reversal tools or strategies I won't short the market unless they form under my daily open.
Why you think price will fall on euro? I don't think it will fall until price reaches the previous high at 1.1560 but once that happens I am shorting all the way to the bank. Euro economy is turning bad so should be a bit sell off in 2019
vedranm posted: Why you think price will fall on euro? I don't think it will fall until price reaches the previous high at 1.1560 but once that happens I am shorting all the way to the bank. Euro economy is turning bad so should be a bit sell off in 2019
After a move to the downside and a break of the daily open followed by a pullback to the 50% fib and a second break of the daily open I will now look for either another pullback to the 50% or 61.8% fib or for a bounce off of the daily. I would also keep in mind the timing of the entry being that liquidity could be low which could prevent the short trend to continue. But if the market remains under my daily open for the remainder of my trading day and the next daily candle shows bearish momentum I will then look to go short.
I have seen according to my trading experience by and large traders are extremely dependable on EURUSD which is mainly considered as a bass currency pair in this market place. But I think for increasing trading performance very rapidly we have to trade other major currency pair. Sometime I trade at all major pair in my demo trading to see the performance how it works.
Now my favorite pair is the EURUSD . this is due to its high volume. This is what we want to see in the market. volume and liquidity and this pair has it all. it is my best pair to trade as far as Forex is concern.