Waiting For More Price Action Before Entering the Forex Trade

We have some good news and bad news. The bad news is, our analysis did not reach our expected top. And a sudden reversal happened in EURUSD daily. We don’t need to be worried though as it is a retracement testing the support. If support holds, it may continue its upward trend for one last time to hit our top. The good news is, this is not the big trend that we are waiting for and so, we can rest assure that we are not being left by the trend yet.

I’m still waiting for the top to go short. There’s also another option to go long on the bottom.

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  • http://genkumag.wordpress.com genkumag

    Have been back reading your posts and think all of them are fantastic! I particularly like the Pinoy context you try to inject and your advocacy to spread forex to those looking for direction.

    Anyway, regarding your chart above and how you missed your top forecast, I suggest you always keep track of past inside day candles since next to Fibonacci retracements, these type of two bar candlesticks are excellent supports/resistance zones. Great for setting up trades. My two cents, Senor. I’d also like to invite you to stock market pilipinas where we are trying to build up a community of forex traders.

  • Pius Wesley Quiambao

    Hi, what timeframe is this?