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EUR/USD: Micro Double Bottom, Target Below

Published 05/24/2023, 09:28 AM
Updated 07/09/2023, 06:31 AM

EUR/USD-Daily Chart

  • The overnight Globex Market sold off after yesterday’s strong bear channel down.
  • Today will probably have at least two hours of sideways trading since yesterday’s selloff was climactic. This means traders should expect the open to have a lot of trading range trading.
  • Most EUR/USD traders should wait for 6-12 bars unless they are comfortable with limit orders.
  • There is a greater than an 80% chance that a swing trade will happen before the end of the second hour. This means that traders should focus on catching the opening swing that often happens after forming a double top/bottom or a wedge top/bottom.
  • Traders should expect a trading range day but be open to a possible trend day since the bears will try and get follow-through after yesterday’s bear trend.

Latest comments

Thank you Al Brooks
I have limit orders waiting below to fade the downtrend
Excellent, consise advice, Finally! 👍
so does this mean that the tight bear channel from May high is over?
Excellent - concise advice.
so the swing trade that Al Brooks talks about is for a buy or continue selling?
short term buy swing before next leg down. I had a hard time interpreting as well.
Thank you. Today was difficult to understand him but I closed my sell trade and thanks to Al Brooks
thank you sir
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