The Savvy Trader Says: Let’s Get Real About the EURUSD

The Savvy Trader Says: Let’s Get Real About the EURUSD   Let’s get real about what is happening in the EurUsd 3-1/2 weeks ago we...

The Savvy Trader Says: Let’s Get Real About the EURUSD

Let’s get real about what is happening in the EurUsd

3-1/2 weeks ago we had a huge rise that in one fell swoop took out the prior 16 weeks IE: 4 months of trade meaning anyone who was short during that time is under water.

Now we have 3 weeks of consolidation that feels like one should short it but is that the correct strategy? I would argue the opposite for if one does that where is the stop and then

it also begets a woulda shouda attitude because if I am right that the eventual move up is far higher than most would expect (ie maybe 1.1700) then where is the long entry?

Better to be patient right now to see what the real signal is.

The Savvy Trader Says: Let’s Get Real About the EURUSD

Note The Savvy Trader is a long time and highly respected Global-View.com member who kindly sahares his insights with our community. 

Addendum posted by Global-View (with permission from the Savvy Trader)

We are adding this monthly EURUSD chart to put the current price movement in perspective.

Nore from Global-View

So in these conditions one has to take a slightly different approach.

Intraday trading sounds like a Hell to most, but for experienced traders it is a gold mine of opportunities.

Using 4h charts for the direction and then jumping in with smaller time frames seems as a best way to go.

However, if you are not really experienced, you might end up in a total mess.

Problem with most is for example:

• 4h is in Sell mode
• you wait for any sell signal on smaller time frames
• but it catches you on the wrong foot – rate returns back just for one more time…

To be sure you know what are you doing, you have to go with a single Time frame chart – never mix two or more – if your prefered time frame is not giving you a signal in the direction you figured out from 4h chart, do not go around looking at any other time frame desperatly trying to get that trade – sit tight and wait for your moment.

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The Savvy Trader Says: Let’s Get Real About the EURUSD