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The euro is caught in the middle of a downward channel. Very unpredictable and difficult to trade at this point. I am staying on the side lines until a better opportunity presents itself.
I posted this chart a couple days ago and have been targeting these areas, but the market has been so filled with jerks and starts it's been difficult.
An updated Rainbow
This morning's move reached down and got that Upper Value Area at 1.2969 This might be a final stop run before returning to the Up Trend, only time will tell.
I figured the PMI Data would move this market, but I wasn't looking for all this action before the numbers. I took a couple trades and got caught on the last one. I was trading that tight range '73-'68 and one sell order at '83 didn't fill, was slow to cancel 1 set of Buys,,,, got lucky and made a tick.
This is a classic Double Top chart. Hind sight being 20/20 it makes perfect since to short the double top. Currently 238 ticks from from the high. Easy money right?? not so much.. I thought about shorting it but couldn't pull the trigger.
For those still learning; notice how the price bounces off the support and resistance levels on the way back down.
What do you see on this chart that might have helped you pull the trigger? I don't trade the 60 min, but the moment I looked at your chart, I knew what I was going to see on mine. I always look for divergence on double tops.
What you want to do is evaluating if one side is reverting the general tilt of the power at your area of interest. Most double top/bottom will present a divergence. In my opinion, a divergence alone is a low probability signal to gauge the force in presence.
I have no idea what that means. What I know is that setup works upwards of 70% of the time for me, so in my IRA account longer term trading, I take em all with > 2:1 risk/reward. Has performed extremely well for me.