Jalarupa wrote:Happy to be here thanks thepark!
This is how I see it... I like to watch price behavior at these lines... Normally you get an initial rejection, followed by either a break or a validation of the lines' ability to support or resist price...
This will frame initial bias and plans for longer term moves (targets)
Herewith my thoughts...
In respect to a short next week... If you already short that's great... you in the money! If you looking to get short, you can trade rejection of the intra-day lines... But if you were looking for a long entry then you would know very quickly if you are correct, as you are currently near / at support...
I don't know if this helps at all... but looking at the price run into the close of the week, EUR is being offered... But I still see it hitting 1.22 at some stage in the next couple of weeks... at least this is where a short target of mine is, so I would expect it to get there...
In respect with your analysis, it looks great! You will know fairly quickly when you are right or wrong, and this at the end of the day is the most important thing to see if you want to keep your losses small and give your winners time to do better for you.
- Jala
thanks for the detailed markup Jala. those lines on the monthly chart is an eye opener for me and is something i will look to adopt. I have always been intimidated by the larger charts but the way you have marked them up make so much sense
in terms of your H4 chart you have a line - short confirmed good if below. how did you derive that line?