A long time friend/Follower from beginning Fxstreet days is now hitting multiple targets. His approach offers a slightly different but highly fascinating and interesting dimension. I saw this new dimension once from my long time friend at Thomson Reuters. To insert context, my TR buddy is in his 42nd consecutive year in FX and markets. My Fxstreet friend worked very hard to find the latest angle. Another trader is hitting single targets regularly for the past month and doing just fine. Now is the time as mentioned many times as markets are changing rapidly so traders will need the angle to beat and remain in tune with the market. More interesting posts on the way. End of month is here, we must view the DXY EUR/USD relationship. My next feat, I’m looking for a multi multi month trade so we track, hit targets and follow over the many months.
EUR/USD. Bottom. 1.1246. Larger range 1.1246 – 1.1359. Range points above 1.1390 and 1.1371. Below 1.1232 and 1.1215. Targets 1.1433 and 1.1364. Big points to head higher, 1.1309, 1.1318, 1.1331, 1.1346, 1.1359. 1.1381, 1.1399. Biggest points 1.1359 – 1.1364. Watch for reversal here and 1.1371 range point. Shorts from 1.1364 targets 1.1333. Shorts from 1.1359 targets 1.1331. Point 1.1443 is big level to open flood gates to 1.1513 and 1.1599. EUR/USD is way way overbought, look again for shorts. Remember DXY V EUR/USD post, 1.1300’s out of bounds. Levels, 1.1452 and 1.1603 current descending lines.
Shorts. Shorts below 1.1301. Target 1.1273 then 1.1246. Points on the way down, 1.1395, 1.1302, 1.1296, 1.1288, 1.1282, 1.1277, 1.1261, 1.1253, 1.1246. Then 1.1239 and range point 1.1232. Look for longs 1.1232 – 1.1246 to target 1.1273.
Pip range today, 23 short term and 98 long term. Problems exist at the 98 point.
Brian Twomey, Inside the Currency Market, btwomey.com