Not a trade call.
For now my stance is wait and see.
The euro is pretty devalued and it could bottom here but who knows what monetary policy makers and big money movers have in mind?
The channel is not precise or clean enough to warrant buying in my opinion. Risk Reward is not good enough, and since the people that move markets have not shown their hands, trading this is I think gambling.
If the price breaks to the downside, I will look for 2 things:
1- A pullback and retest of the lower end of the channel, with an ABC ending with a top formation (double top, rounded top, etc):
2 - A bottom pattern in this blue buy area:
(I don't do single candle patterns and I don't think they that great. So I would look for a Double/Triple bottom, H&S, C&H, Rounding boittom, 3 white soldiers, etc... that kind of thing).
I look forward to things moving.
What do you think?
For now my stance is wait and see.
The euro is pretty devalued and it could bottom here but who knows what monetary policy makers and big money movers have in mind?
The channel is not precise or clean enough to warrant buying in my opinion. Risk Reward is not good enough, and since the people that move markets have not shown their hands, trading this is I think gambling.
If the price breaks to the downside, I will look for 2 things:
1- A pullback and retest of the lower end of the channel, with an ABC ending with a top formation (double top, rounded top, etc):
2 - A bottom pattern in this blue buy area:
I look forward to things moving.
What do you think?
Might go all the way to the top of the channel, might not. No idea.
Could go straight up impulsively as often did following a hammer.
Risk Reward now is not interesting imo.