Hi guys, hope you all had a good weekend, and new years celebrations.
This is another nice set up for the beginning of the year. There is still a nice down move before the up move. Remember EURGBP is in structure so selling the top is always a good idea.
Thank you for your support.
Komen
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Still trading within structure. Let us wait for the right set up to get in here. Patience is key!
Komen
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Nice breakout of structure. I hope you have a tested trading strategy to trade this move when it starts.
Komen
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Nice gradual move, will it retest structure before breaking down properly? We will soon find out. Good luck traders!
Komen
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Within structure. You need a tested trading strategy to trade this move. If you do not, you are not yet ready to trade.
Komen
Trader_Dale
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Thanks for your great analysis!
Here is my view on EUR/GBP if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see two main volume areas. The higher one was formed by cummulation of short trades that went into a strong sell-off. If the price comes there again there is high probability that the sellers will become active again.
Support around 0.8544 is very strong because it lies exactly at at a place where the heaviest volumes of the day were created. From this place the price shot higher indicating strong buyers in this area.
If trading those levels be extra carefull and dont trade during strong GBP news.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
charles.riley
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I'd suggest that the 62% fib at .86 is more relevant, using the bodies rather than the wicks. I'm looking for a medium term squeezing of price action, a break of 0.8333 (1.20) and a target of 0.80 (1.24).
TomProTrader
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@Charles.riley,Unfortunately, you're wrong in your approach to the trade. Wicks are much more relevant than the retracement, or bodies. Bodies show you the buying range of the day only. Without the wick you'd have NO idea there was STRONG selling pressure at the retracement level in question. Candlesticks come first, and prioritise EVERYTHING.
Here is my view on EUR/GBP if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see two main volume areas. The higher one was formed by cummulation of short trades that went into a strong sell-off. If the price comes there again there is high probability that the sellers will become active again.
Support around 0.8544 is very strong because it lies exactly at at a place where the heaviest volumes of the day were created. From this place the price shot higher indicating strong buyers in this area.
If trading those levels be extra carefull and dont trade during strong GBP news.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale