DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
The trend is your friend 'til the end! And what a trend this has been! This week's analysis wont vary too much from last weeks. Support and resistance levels held amazingly well. So lest get started!
Daily:
Obvious the trend has continued, support and resistance held perfectly. There is a clear support-turned-resistance line around the 140.357 levels that come from February of this year. The price managed to break that resistance this week with the U.K. Election news but retraced back above it.
4hr:
The 4hr charts are beautiful. Nice structure forming here. Support and resistance formed at 143.900, 142.817 and, the support line held at 140.357. Price touched the trendline prefectly all week. This is that trendline you learn about in the books!
1hr:
Alright so this is where we can find our sniper entries. So we have some support-turned-resistance at the 140.864 levels, which was right after that U.K. Election news came out and the price dropped. After the new lows, there was support formed at 139.547 which was tested twice! So lets see how we can work this coming week.
Analysis:
Option 1 -
So lets see how far this trend will continue. I believe that if it keeps following structure the way that it has so beautifully, the price will touch the trendline or previous resistance and drop to the next support level. So my strategy for this week will be short the same as last week.
The trend is your friend 'til the end! And what a trend this has been! This week's analysis wont vary too much from last weeks. Support and resistance levels held amazingly well. So lest get started!
Daily:
4hr:
1hr:
Analysis:
Option 1 -
