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FX Viper Trade Discussion

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  • FX Viper Trade Discussion

    Hello traders & investors

    Firstly i would like to apologize in advance for my bad english!

    Usually i do not post in this thread but i feel like i have to do it right now, before London open, when market often explode...I will just share my opinion about EUR/USD situation from technical point of view. I am in forex market for not a long time but during my learning path i got (solid) knowledge of technical analysis. I am doing that because my friend told me about vipers opened trades so i did "deep" technical analysis and i must say that from (ONLY) technical point of view EUR/USD is looking very bullish.

    What we are seeing is rising triangle (D1) from previous major EUR/USD down trend. One day this triangle will be broken for sure, in which direction, no one knows but from logical point of view what this sort of pattern is telling us is that LOWS OF THE TRIANGLE ARE RISING. We all know what higher lows in the market means, up trend! But major EUR/USD trend is bearish so i personally would not considering this type of pattern in this situation by itself. We can easly see breakout to the down side! Often trend dictate the direction of breakout but this is not always the case.

    But what we just got RECENTLY? A lot of technical indicators (reasons) for bullish movement to the PREVIOUS MAJOR RESISTANCE STRUCTURE (top of the triangle) (D1).

    I found 6 reasons why price could go up to the previous major resistance! (on picture from point 1 - 6)
    I found 4 reasons why price could reverse BACK down from that resistance (TOP OF THE TRIANGLE) (on picture from point 7 - 10)
    I did not find any other reasons except previous swing high (resistance) + 1.12 round number, why price could go down right now!

    Please check the picture : EURUSD analysis.png

    From what i see, first major reversals in best case could start around 1.13 where we get first fibonacci projection and some minor structures. But most likely around 1.14 and reverse back down to the SUPPORT TRENDLINE OF THIS RISING TRIANGLE (D1) and wait for another bounce back up or maybe breakout to the down side (below triangle). 1.15 is extreme resistance zone and after that we will be looking for breakout of this triangle to the upside.

    I would not like to scare anyone of you, but i just want tell you what i see and what it might happen, thats all. From Vipers track record and skills which are proven in %, pips, $$$....i am no one versus him. I really respect him and i am not here with reason to search for any kind of conflict or anything. Even if price will go little higher he will manage position according to the rules. So no worries

    We will see in next days how market will react. Maybe i will look like an idiot and price will just ignore everything i said, but many times even very good looking setups are simply not working, it is common. I would really prefer more to look like an idiot insted of price going up and up... If market will do what i think it will, then lets hope for sharp reversal from 1.13/1.14 and being flat! I hope my technical analysis is completely wrong!

    Best Regards
    FX Protector
    Attached Files
    Last edited by FX Protector; 08-21-2015, 11:37 AM. Reason: Fix