That minor sr structure continues to have an impact. By my count, that's TWELVE TIMES that zone has halted some price movement since August of this year where I first placed this sr zone! I expect that going forward, it will still continue to play some role. But right now, the resistance caused by that sr zone is causing prices to fall back in a wave b just as I predicted it would. But where will that wave b end and the wave c begin? At the moment, there is a POTENTIAL bullish bat in play that may bring prices back down to near my trade entry. This is no reason to panic! Well, there really never is any good reason to panic as long as you always stick to your trading plan. What's a "trading plan"? If you gotta ask, then you shouldn't be trading!
Anyhow, in fact, if prices do reach the completion of that bat, I will be in a buying mood again! But really, I don't have high confidence that this POTENTIAL bat will complete. But you never can know for sure! It's there nonetheless.
I have posted on the chart where the "standard" TP's for the completed bat are. TP1 was already reached for a nice quick +49 pip profit if you were inclined to take that. I didn't. That's why I did not post on it before. I've also placed the TP2 on the chart as well. IF prices were to get to the TP2 before the NFP today, it might not be a bad idea to take profit there and avoid the NFP altogether. Something I'll consider if it happens.
MY TRADE PLAN Of course I'm holding fast to my LONG position I already have. But if that bat does fill, I will be looking to buy again as this kind of price action is very bullish! But.....I will be moving my stops on my existing LONG position to just below the D point of the completed bat that triggered this trade as now with the latest PA, if prices were to get through that point, it would stand to reason that prices may start heading down. And if it does take out this trade, I'll start to look for some kind of bearish move to occur.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Was really nice your plan. I waited for neutral or lightly positive news but still was good to me
adrian_24K
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the nfp was bad but stilll the economy added 142000 jobs so you could say the pace of growth could be slowing! in a way both of you are right but trading technicals is a lot better then trading fundies! if you look at the euro technical picture its very bearish indeed but your going to for some time untill that trend resumes we have been in a range for a while. as for fed rate hikes you still have a few months to go just look how stocks are reacting the fed has been inflating this bubble for sometime the poor excuse they had for not hiking in sept they are not just around the corner
AJEXTRADING
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Fed Rate is around the corner and then Euro will be sinking to 1.1086 or Even .0983 level .For that reason I will be shorting all the way up (if its go any further :) )
SkyrEk
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NFP data was horrible, how is it that fed rate is around the corner? LOL
EverythingForex
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@AJEXTRADING I think you are posting comments in the wrong place. I don't trade on fundamentals. My trades are based on technicals. So to me, your reasons make no difference right or wrong. As you see, my technical setup predicted the NFP perfectly days before the NFP ever happened. Did I know what the numbers were going to be? Of course not. Anyway, good luck with your prediction. Next time, post a chart with your own predictions on it so it can be recorded for future reference. All of my trades are documented here for all to see so I can well back up everything I say.
AJEXTRADING
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sorry , I don't think Euro is going up, its a short I will be still looking for 1.1086
EverythingForex
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Sorry, did you just wake up??? You don't think it's going up? It ALREADY DID, dude! This trade is already closed at a large profit if anyone followed it right through the NFP! I didn't so I only got +49 pips.
AJEXTRADING
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:) Yes , I mean EURO reached it peak . it touched much awaited 1311 + as long as interest rate decision is around the corner and current german situation is not good for euro
EverythingForex
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Listen, I don't wish to debate about technicals vs fundamental trading styles. I'm a technical trader although I fully understand and follow fundamentals and news. I could speak fundamentals with you all day long if I wished. I have a background in economics myself so i fully understand fundamentals. But it is of no use for you to post your comments about fundamentals here because your words are falling on deaf ears, dude. My trade record speaks for itself. Until you have your own successful trade record you can boast about, no one is going to listen to you about you trying to convince anyone you are right. It isn't about if fundamentals are right or wrong. It isn't about whether technicals are right or wrong. It's only about how to be on the right side of the market and make money. I've been doing what I'm doing for YEARS and am highly successful at it. So nothing you say will ever convince me otherwise. Maybe the euro will fall. Maybe it won't. But if it does, I guarantee that I'll have a SOLID technical reasons to tell me that it will and why.
Since you have just joined Tradingview (and welcome BTW! I may sound hostile but really I'm being so!), you probably have not seen my previous posts. So you would be forgiven if you do not know that I have already predicted a drop coming in the EUR from OVER A MONTH AGO. But not as low as you are saying though. You can go see my post for that. As I said, everything I say is documented here.
EverythingForex
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SORRY! I meant " (and welcome BTW! I may sound hostile but really I'm NOT being so!)"