Here’s an update to my 1 hour chart from yesterday. So far I’ve been correct with regards to the current bullish momentum the EUR/USD, and I would continue to look for opportunities to buy on the dips in price action. But I should also caution you all to watch price action closely once it reaches the 1.2435/45 area that I wrote about in Monday’s fundamental analysis. As always, feel free to leave questions or comments below.
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I thought I would put up a graphic of my 1 hour chart which I use for determining mid-term support resistance and also for drawing most of my trendlines and weekly and daily pivot levels. I’ve included some text to describe what you are seeing. Notice that the alligator is contracting and could perhaps cross over signaling a reversal in direction. But keep in mind that the current trend is a slightly bullish one and we are in an upward channel for right now, so I continue to look for buy entries over sell entries. Also, you’ll notice that a hammer candlestick has formed from the previous candlestick and this is usually a good indication of a bullish reversal. I go over not only daily pivots, but also how to use them together with support/resistance and fib. lines to find trade setups. Here’s how
Apologies in advance for the audio quality. Apparently my voice was too loud for the mic this time, but if you can get past the audio, I think it’s a decent analysis of the week’s events and set ups.
You got to love weeks like this one! Here’s a brief explanation of how I traded the EUR/USD so far this week.
Here’s a few examples of how I used trendlines and moving averages to enter and exit some recent trades.
Here’s a look at this weeks recent activity and the trades I’ve taken and how you too can trade the EUR/USD using my system.
Here’s a quick visual summary of what’s happening in the U.S. and the Euro zone and my own predictions for the coming week.
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