SO we know that the EURUSD is heading for a Bull season. The question is How long is it going to rally ? Where is it headed to ? WHen do we anticipate the ‘TURN’ into bear season. First of all, I’m not a fortune teller, I cannot tell the future, ONLY god knows.
But what I can do is I can anticipate when the Price will turn on a longer term or Bigger time frame. So I know when to stop to be a buyer. First of all I will look into the Weekly chart or the Monthly chart. SO preferably I choose the weekly chart instead.
Here I will look for Supply. I found that the 1.3730 is the weekly Supply. Zooming into the lower time frame of Hourly, I also found that there is also a supply at 1.3740 ish.
We are not that far from the nearest fresh supply here. We need to be careful when buying into this level on a smaller time frame or you might end up getting stopped out frequently. So the current price has close above the old supply means it could turn out to become a demand in the smaller time frame, that should remind your self where and when to buy.
BUt the arrival is the most part that I must focus on. I must ensure it’s going to be a strong rally or move up into those supply to begin with. Why ? Because we want the ‘LEAST PATH OF RESISTANCE’ on its way down. A strong move indicate there is noting to stop it ( demand ).
SO becareful when buying from now on. Or you end up into the novice mistake, BUYing after the rally. Because you will be buying against the astute trader that knows and sells at supply.
SO in the mean time, its okay to buy but best to wait and take only Fresh demands below the larger time frame supply!
Happy Trading everyone!!