Hello fellow traders, Its been intense period for trading. I have came with an interesting trading idea. The idea is that we already have a triangle - a structure before final move. And now 123 to the down side and a sharp 123 up. Unfortunately it is not 5 wave move to the down side - easy story. So at this point it still can be movement to the down side - Ending Diagonal or in other words Contracting Wedge. So - SELL SELL SELL SELL SELL.
Based on Market Profile (volumes) and Price Action there is very strong swing support at 0.7246. There was about 2 week rotation where the big players accumulated their long trades and then moved the price agressively higher. You Can see this strong trading activity even on yearly volume profile!
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis:
dizzybeez
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interesting chart... im on a short but bulls seem to be holding the fort for now, it went down but went back up to where it started... i hope you chart pans out
MrTeeth
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Hello Trader,
take a look at this and tell me what you think :)
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis: