It is a new week which is a new day for traders, have you check up your chart today to know which currency pairs you will be trading today? I actually have learn some things in my trading journey which is is about 40% and all I need now is constant practice. Today I decided to pick up my charts and check out what is going on in the market. The first currency pair that caught my attention for the week is EurUsd on trading view and it is currently splitting fire.
What am I seeing, Checking the Monthly time frame, we could view a common thing which is the downtrend on the chart, check the image below
currently, it is at a very strong resistance level on the monthly time frame and you can be able to confirm this on the weekly timeframe to confirm it. I had to move to the daily time frame to check what is going on.
on the daily timeframe, the market was actually going up and down in something we call a ranging market withing3000 pips when i checked which is really a lot. you can see the strong resistance at the top and price is currently going towards that area before likely bouncing back downward. This is the time to wait patiently in order to join the train in selling the market.
on the 4hrs timeframe for confirmation, the market is already showing signs, you can see the last two red candles and also the hanging man before them. it will really be a sweet ride downward but always know that this are predictions, it might go your way or not so always take proper risk management because that is very important so as not to blow your trading fund.
As a trader, what are your veiw on this?