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August bull flag consolidation, beware over weekend positions with Jackson Hole symp, Draghi and Yellen speeches and UK August bank holiday Monday.

EURUSD looking for a direction push and may find it as news from the symposium is digested.


List of key CB phrases to listen out for by Bloomberg.

EURUSD daily chart.






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  • 1 month later...

Is at an interesting level, after completing the head and shoulders pattern on daily chart now retesting the neckline. FOMC minutes from last meeting released today at 7 pm may determine which direction next for eurusd.

Daily and 1 hour chart.



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  • 1 month later...
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The monthly resistance level 1.20921 has blocked progress yet again and looks very solid, price now looking for support. The 1.19610 is previous resistance and may provide weak support but probably will not hold. The zone between weekly support level at 1.17172 and the 23.6 Fib around 1.16686 looks more likely. Failing that there is the monthly support level at 1.15538.

The 100MA may also provide a bounce as it has in the past, wait and see.


The main trend is still up but the MAs are levelling off and the weekly and monthly charts are shaping into a double top.

There is not much on the calendar to give this a push either way until Friday with US CPI and retail sales. 




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BoAML have just released an interesting short note warning of a potential Bull Trap risk on this pair. They warn that a weekly close above 1.2092 - 1.21 could well be a trap, so clearly they think this run up is over and price will soon be heading down. 




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You don't need BOA to telly you anything 


You could have read the charts and price action. Price action works sometimes,  but you  need patience and longer time frame trading.Only reason why price action does not work, is "it is difficult to time the markets".


What Happens When You Try to Time the Market?


I can show you hundreds of examples why market timing screws up price action.




*** Intraday Price Action Scalping on FX Majors ***

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I wrote yesterday "The 1.19610 is previous resistance and may provide weak support but probably will not hold."

That seems to be the case as the sharp drop off continues. Price now well below the 200ma on the 1 hour chart.




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Oh look, the cut and paste fantasist has been back on this thread again, ignore. US PPI data out today, the euro was not able to capitalise on the dollar shaking news yesterday that China may cut or stop buying US Treasuries. Price has fallen back below 1.19610. The most likely scenario for today is a search for support.



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You do all this analysis.They you debunk trading psychology


Here is a way to test , why mindsets and mental states dictate the failure of technical analyses, price action snake oil , trend trading and trend losses and chop outs.

If traders were given the above price action , trend trading ,chop outs and fundamental analysis , if the they were in the following emotional states , what would be the end results of the analyses?


I know you will be dismissing my discussions, this is because you can not give a healthy debate.



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It is very rare I ever follow any of your links, they are usually to some public forum site where there is a thread that matches your own jaundiced view on TA and educational material that I know to be false, hypocritical and usually irrelevant.  


I do my own TA on a daily basis and share anything I see that I think may have some bearing on the day's market, I might also link to a story that may pan out to have some relevance on the day's events. If anyone doesn't like it fine, don't look at it. You seem to imply anyone who does as such is in some way trying to scam people. I have never been interested in providing trading tips and am wary of anyone who does, and I am especially not interested in calling trades as only stats over a large number of trades would actually have any relevance as to performance, and then again I don't actually need to prove anything to anyone.

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Sits above 1.20920 for the first time since the end of 2014 having been lifted at the end of last week on data releases. Being such an important level and there being minimal data this week that might cause follow through I would be looking for a retest of 1.20920 before an attempt to move on.





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