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If you are asking, if we breakdown below 2490, do I think we will move lower? I guess the answer is yes. My stops are a little bit outside 2490. But if 2490 is broken, there is a big gap of support until 2384 on my charts at least.
I took the long simply because it was good R/R in my opinion. Everyone thinks we should move lower. Price was near day low, week low, month low, year low. It was good r/r to go long with small stop. If we do start to move higher, there is sure to be a good squeeze.
Your profile chart seems to indicate some dental work could be done between the last two POCs. I got this pertinent commentary this morning regarding the EUR in line with your analysis:
EURUSD – yesterday’s sharp move above 1.2600 did indeed find some selling interest after the single currency once again made a marginal new 22 month low at 1.2515. As long as we can close the week below the 1.2600 level the move towards the 2010 post first Greek bailout lows at 1.1880 remains on the cards.
Any rebound, short squeeze, whatever you want to call it needs to be contained by the highs this week at 1.2820/30, though yesterday’s highs at 1.2620 should also provide a decent top. With the outlook even more bearish the concern remains that we could see a short squeeze on a break above 1.2820 towards the 1.2950/60 level.
I don't have a dog in this fight, but like a good attorney, I could make a case for either direction.
This first chart is a VP of the last 2 days, with today's price movement and VWAP. To go up the market would have to trade through the VWAP. That spike, and this tight range ain't looking conducive for that to happen IMO. Also price action is building around the LVA of the two day profile, and hasn't shown the, "Chutzpah" to enter the value area. Maybe, it's because the overnight session traded across all of yesterday's value area twice.
This is another view of the same VP only separated into yesterday and today. That tail may also be a test of the LVA of yesterday. Another consideration is the top of today's profile, it stopped dead at the lower level of that low volume area between 1.2605 to 1.2623 (forfeiting the short squeeze?). IMO, if price stays on this slippery slope of the upper chart, below 1.2534 to 1.2543 (VWAP) much longer, the bears will close this session for the weekend. Either way, hang on tight to your saddle horn, Tex.
And here's a chart for the argument of an up move, it's a three day profile with today' price action. This tight range of the last few hours has built a pretty nice area of volume trading here between the -1 and -2 SD levels. Could provide support for bulls, but if that -2 SD level gives way or continues to drift lower all afternoon. A slice and dice through the VWAP and the 1.2550/55 (pivot) would surely help in blazing a trail to the top of the range (stranger things have happened). Or, the traders have left the building , and I should just go home for the long weekend. Have a great weekend, guys.