fatdog1 wrote:The EURO broke out of the top of the trading range and now it is selling off
after entering the breakdown area from last Friday morning.
It should bounce near the bottom of the range where the breakout happened.
I am updating charts this morning and I am behind.
As far as the EURO goes, It went from a stage 4 downtrend on Friday into a stage 1 basing area on Friday afternoon thru Sunday and a new stage 2 uptrend early today when it broke the top of the trading range which is the 412 normal cycle.
It then sold off to the breakout point and then moved back up to make a new high later in the day.
This was the type of breakout long trade I was looking for last week when the area at 1.2573 was still support.
I guess I did not notice the bull flag pole on the EURUSD that formed on Friday. Whatever the low price was on Friday, it was near enough to the 1.2460 area of support to produced the bull flag pole or key reversal candle.
Another reason for a automated bull flag breakout strategy, lol.
Watching paint dry for 2-3 days.