EURUSD 6E Euro | Currency Futures


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EURUSD 6E Euro

  #977 (permalink)

Legendary Market Wizard
Berlin, Europe
 
Trading Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
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Posts: 9,796 since Mar 2010
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There was a bearish Butterfly preceding today's price action. It is not exactly the ideal geometry that you would expect, but anyhow I do not believe in any sacred ratios. The Butterfly pattern as bearish indicator is only valid after an uptrend, it is a valid indication here.

You can also view it as a consolidation with a failed breakout to the upside.

On the 30 min chart there is a widening triangle. Together with the trend inversion - detected by comparing the prior session's VWAPs - and the VWAP bands of the current day, the (ETH) floor pivot level S2 looks like the ideal entry setup for a long position.

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