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EURUSD 6E Euro
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EURUSD 6E Euro

  #2451 (permalink)
Surrey, UK
 
 
Posts: 212 since Jun 2017
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Hi,

Technically not a supply confluence, price must have a mild violation or touch. Saying that, the channel is drawn perfectly, clearly rejecting yesterday's low.

In a lovely downtrend, importantly note the last 4 drives down from the previous high (approx 1.3600) wide spreads closing weak, with poor attempts to buy after each drive down - sellers have control of this market.

A little unsettling that price didn't manage to test the demand line, we held around 1.1600. In my minds eye, i'm thinking why? Higher time frame structure? For whatever reason demand came in earlier then expected, ergo there is some demand in this market, however from this chart one would expect lower prices. An important area to watch if short, is around 1.1600 not only did we hold, there is evidence of good buying, if this breaks, no reason why price cant touch the demand line around 1.10600 (unless higher time structure is applicable)

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  #2452 (permalink)
SF, CA/USA
 
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Feibel View Post
Hi,

Technically not a supply confluence, price must have a mild violation or touch. Saying that, the channel is drawn perfectly, clearly rejecting yesterday's low.

In a lovely downtrend, importantly note the last 4 drives down from the previous high (approx 1.3600) wide spreads closing weak, with poor attempts to buy after each drive down - sellers have control of this market.

A little unsettling that price didn't manage to test the demand line, we held around 1.1600. In my minds eye, i'm thinking why? Higher time frame structure? For whatever reason demand came in earlier then expected, ergo there is some demand in this market, however from this chart one would expect lower prices. An important area to watch if short, is around 1.1600 not only did we hold, there is evidence of good buying, if this breaks, no reason why price cant touch the demand line around 1.10600 (unless higher time structure is applicable)

Thank you for chiming in. Appreciate your insights. I hadn't considered the subtle point of demand coming in early. That is one thing to keep in mind.

I did take a short yesterday at the arrow, in the wick of the blue bar when it took out a local double top. I took one lot off already, perhaps too early. My projection for the 2nd lot is a measured move at the 50% extension of the most recent downleg. That should also coincide with the demand line of the channel. That's if it makes a new low.

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EDIT: More demand came in I guess. Exited my short position with that higher low.

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Last edited by jackbravo; May 3rd, 2019 at 03:35 PM.
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