EURUSD question

EURUSD question

A student asked me if this ↓ EURUSD chart is OK?

 

I answered him that buying is risky and here is why (refer to Chart on Top)

1) SLKT number one
2) Huge volume wide-bar with closing on the very low. It looks like the market knocked out sellers by triggering their SLs and prepared for down move.
3) SB and a start of expected down-move.

Note small trap for bulls on Monday, intraday scale

I don’t believe market has gained its targets on the down-side. So – repeat- buying is risky.

Yes, You Can Become a Professional Chart Reader

To build success in any business, you should rely on things that really work.

In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.

Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!

Enter your email to Download books

Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.

No spam is guaranteed.