E71! trade ideas
Dollar/Euro Future (6E )could have chosen a new target (1.16845)Hello all,
After spending the whole summer in the Fibonacci 61.8% zone of of the previous short segment (Red Fibonacci Retracement) and most Important, we also have confirmation of the strong short volume in daily candles (Upper Indicator).
The future of the Euro Dollar seems that you have a good chance of looking for a correction to the Fibonacci 38.2% (1.16845), current trend (Green Fibonacci Retracement).
Everything is statistical probability...
Have a good trading
Xusto
Is that it for the EURO?? Speculators seem frustrated that the Euro is not rising any further. Hedge Funds and other big institutions cut their bullish Euro bets by a whopping 9.3%. EUR net long positions now at 178,576, lowest since July. Technically, that could be a possible rounded top reversal pattern.
6E Downfall of Price is Supported by Eisting Bullish Position1. The existing long position that had placed or accumulated at heavy transaction price zone will protect their long position when price retrace near to that zone.
2. The smart money place for short position will potential take profit (i.e: buy order) above the heavy transaction price zone
Both above accumulated lots of buy order to fueled the bullish momentum to the next spike.
Coming sell in EUR. Explained Early this week the market can test 1.1630 and later bounce for a few days to form a signal for sellers. There is no need to hurry and pick up a trade now. Let the market do its thing and form some pattern to get clear entry with a good risk/reward ratio. The main reason for potential weakness is the bullish setup in DXY. I made a post about it. Below you can see a summary of DXY analysis
We have discussed previously a potential rally in the American dollar. Now we are getting really close to the potential entry. However, accumulation is weak. That means it will take another week or two to get a signal. Accumulation builds momentum. That’s why it is so important. We have very strong fundamental setup for DXY rally:
COT – commercials are heavily long
Evaluation model – the dollar is undervalued
COTSI Index – very high
Intermarket forecast – upside.
We need a technical signal to confirm the coming rally. It always takes some time to get one once we have a fundamental setup. So, likely we will see a bit more of a rally coming in a few sessions, followed by a pullback. It will give the dollar enough time to build momentum and form a signal to go long.
Back to downtrendMy previous idea from 28.05 worked perfectly, but now it's time to change the side. Here you can clearly see a very strong downtrend and a potential resistance level somewhere around 1.18-1.19. So, I would recommend shorting from these levels. BUT, since DXY index is still going down and in general there are no signs of a reversal yet, I would wait until DXY hits 92-93 and then open short on EUR/USD. SL 1.20, TP 1.14-1.12-1.09.
EURO WILL PROBABLY BREAK THE HISTORICAL RESISTANCESWe notice that the EURO on its monthly chart is bullish and is trying to break the historical resistances.
The Bulls are determined as we can see a big green monthly candle approaching the intersection of the resistances.
There is a high probability for the EURO to break the resistances, probably come back to make a pullback on it and go higher to reach the historical peaks.
I recommend to buy EURO ONLY AFTER BREAKING THE RESISTANCES.
M6E1 is valid for entry - M6E1 est valable pour l'entrée
Hello, M6E1 is now in oblique resistance and will not rise in tangible rise and does not cross the oblique resistance barrier and is now buyable when the green resistance is broken and we will make a profit when the yellow resistance is broken and then you can sell and nappy on your profits or wait for what will urge
Note: selling at the red candle that breaks the green resistance
Bonjour, M6E1 est maintenant en résistance oblique et ne montera pas en hausse tangible et ne franchira pas la barrière de résistance oblique et est maintenant achetable lorsque la résistance verte est cassée et nous ferons un profit lorsque la résistance jaune sera cassée et vous pourrez alors vendre et couchez sur vos bénéfices ou attendez ce qui vous incitera
Remarque: vendre à la bougie rouge qui brise la résistance verte
