EURUSD and the need for trigger
Seriously, I was disappointed with EURUSD movement last week. After bullish expansion 2 weeks ago, EURUSD has been going sideway.
It is usual to assume continuation of trend, but before trend continuation, there is a need to build up enough momentum. This is what EURUSD is going through at the moment.
Why EURUSD was a tough trade?
First, let’s talk about the tweet that I made on EURUSD
Have been looking at $eurusd 1234 for quite some time. Above 13545 has R at 13580-90 13670-80 13700
— TerraSeeds FX Tflow® (@terraseeds) September 25, 2013
On H4, which is the timeframe I preferred to trigger, there was no trigger. Again this is why it’s important to have the broker feed that I’m using so that we are seeing the same thing. If you have been wondering why there is a need for a big buffer from the furthest F6, that’s because there is no point 4 established at any strong support
If look at the chart above, at any one point of time, we don’t see pt 4 reaching any strong support provided either by boxes or fibonacci retracement.
The fact that pt 3 is as high as pt 1, 13TL will be gentle, thus EURUSD might see even more retracement ahead.
Meanwhile, let EURUSD finds a support first. So the tweet on EURUSD dated 25 Sept 2013 will not be valid anymore.
No more update on EURUSD.