EURUSD: Uptrend kicking off?

FX:EURUSD   Fx Euro/Dolar U.S.
I'm long $EURUSD from 1.16 give or take, and aiming to add once we break out from weekly resistance, which I think we will be tagging within 2 more days. There's a significant chance that the prevalent opinion that the dollar bottomed and that we are seeing a 'head and shoulders' top in the Euro are wrong, and all those shorts get squeezed to death. This would create a furious rally that could take us close to 1.3 during the course of 3 months give or take.
Stay safe, stay a contrarian...Best of luck!


Ivan Labrie.
Komen: We hit the weekly mode on time, as I expected...now we need time to break up, so we will likely go sideways until it is doable.
Komen: Now we should go sideways for a few days like I predicted.

Dagangan ditutup secara manual:

I'm out for now, but watching closely.

I bought back 2 days ago, adding gradually for 2 more days.

Clearly I was right with my initial asessment.
Komen: Bought into strength here.
So what next? Is it worth to keep long position on eurusd?
Lookin' good here! Would be great if it keeps following the green arrow on your first chart.
Have a nice weekend!
+1 Balas
@plok, crossing fingers, cheers!
Im wondering if Powell will make buy the dip opportunity on Tuesday
vx7777 Chuck-Norris
@Chuck-Norris, he did
Hey Ivan, how do you know what to be contrarian too? I read lots of twitter, articles, forums like Forex Factory and over time I feel I've read every possible outcome. But I don't come away thinking the herd is definitely "bullish" or definitely "bearish" I feel like it's mixed. How do you think, yep, the herd if definitely bearish the eur/usd. Just looking at technical traders views?
IvanLabrie oztrader22
@oztrader22, hi, good point. With FX, there is so much activity, so many different timeframes traders use, so many different methods, so many different institutions, banks, brokerage firms, retail traders, etc. It's an extremely crowded and active market, and this makes it hard to trade, it's like a bar brawl, it's hard to know who's hitting who, and why...You found the main problem with FX on your own.
I knew many technical and fundamental traders would be bearish, so rated the long as a high probability trade. For this I needed to visualize and think: what are different traders seeing here?
oztrader22 IvanLabrie
@IvanLabrie, So you knew many technical traders would be bearish because of H&S - that makes sense. I'm not sure about fundamental traders though. Maybe they would be bearish because of tax reform being perceived to be bullish for usd? I also heard lots of people saying they were bullish eur because inflation was picking up and so were pmi's and gdp. On the fundamental side, I had no idea if most were bullish or bearish...
+1 Balas
IvanLabrie oztrader22
@oztrader22, GDP growth and inflation would be good cues for currencies. I like it as a gold proxy, mainly.
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