Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
EURJPY Weekly and Daily view – Inside a consolidation phase
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="Lud Trader, post: 138447, member: 51335"] In our previous analysis, we were explaining to you why it makes sense to short the level 1.33: [LIST] [*]Upper line of the Andrews Pitchfork [*]Fibonacci levels [*]Resistance level [/LIST] So, as it was expected, prices have bounced off the level at 1.33, and are now building a Double Top Pattern with a support level at 1.3150 forming the neckline (second graph). The first graph shows all support and resistance level on the weekly chart, indicating the potential for a downward move. If prices were to break below 131.5, my Target Profit would be 130. Be cautious as a break above the current range is also possible, in this case the Target Profit would be 139. Prices are building a new channel (black lines), with a bearish divergence on the RSI suggesting that buyers are taking profit off the table as prices are approaching a major resistance at 133. The upper line of the Andrews Pitchfork (red lines) can act as a resistance. So, it still makes sense to look for short positions with the lower line of the channel as a first Target Price, and then the height of the range duplicated to the downside. In this case, prices can break either to the upside or the downside. In this situation, respecting the IVT money management rules is the key ! Please, click here to have access to the graphic : [URL]https://interactivtrading.com/en/analyses/15487-weekly-and-daily-view-inside-a-consolidation-phase[/URL] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…