Ideally we see it drop towards the 1.122, making a higher low there and then seeing a big strong counter move straight through that resistance around 1.128. That would make it a false breakout once again, just like the ones i caught a few months ago. Those other times, we saw mostly SHORT on the EurUsd page here on TV', seeing the same thing again, so would be fun to see what will happen again :)
It happened once again :). So this analysis won't be TA (Technical Analysis) but TA (Trader Analysis).
We all know TA is about history repeating it self, about patterns. Well for EURUSD i have noticed this pattern. That when the first page on TV shows 90% short about EURUSD, it goes up and vice versa :). This analysis won't be what i normally do, thinking about what normal TA suggests the price could do. You know my long term view on EURUSD is up, as long as we don't break the 1.11/1.12. The double bottom pattern i showed a while back is still in full play.
The blue line on the left, is to show what a good possibility could be to fool most people again. Where most are still show posts to short it, as they did at the lows as well. I think the price will break that channel and probably make a bull flag above it. Then we will see most call for a small bull back (green zone) and go long again. Then we will probably see an even bigger drop towards the lows again. Again, fooling the basic TA.
If this all plays out, that last drop should be the last one, because there is not much room left for bearish price action to keep the double bottom alive. This one is no trading advice, not something i usually do, just wanted to show something else than the basic TA.
Thanks for sharing, I really don't care which direction it goes, I'm shorting from this recent top with a 1:3.5 RR. If I'm wrong, I only lose a small amount and at the same time it gives a long opportunity :)
That's trading.
Dojari
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Botje, thanks for your view and definitely a like for all your hard work :) cheers man.
You know my long term view on EURUSD is up, as long as we don't break the 1.11/1.12. The double bottom pattern i showed a while back is still in full play. my analysis indicate to go 1.0800/1.0750, current upward temporary abd seen dismis
botje11
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@Johanes, Could be, but than my view on things is the wrong one. Double bottom got extended a bit already with that drop below 1.12. Below 1.10 invalidates the double bottom. But could be something else than. The W bottom is my play book.
That's trading.