TerryHarmonicTrading

EURUSD - Channel Play (Classic No Demand Setup)

OANDA:EURUSD   Euro / U.S. Dollar
EURUSD is a pretty straight forward channel play.

I will only be interested to trade when it reaches channel extremes or when harmonic pattern completes.

Currently, there are not patterns.

If you look back just a few days ago, we have a classic no supply at top of channel.

What is no demand?

Price did a breakout with extremely low volume , this indicated not many buyers are interested in this move up. (no demand = no buyers )

After struggling for 8 hours, price dropped on a big red bar with high volume . This indicates sellers have come in.

In instances like this, we should wait for any pullback to top of channel before initiating any shorts.

The direction should be bearish and I will only look for reasons to join the sellers.

I will not chase the lows and get myself stucked in a bad situation.

Will keep you guys posted next week.
Comment:
Price has retraced to top of H4 channel.

This can be a nice channel play to the downside.
Comment: As there is a euro interest rate news tonight, I will not be opening any euro trades until after the news. I hope to see a knee jerk reaction for me to get in at a great price.
Comment:
Watch this potential bat pattern completion on EURUSD around 1.0840.

Could be a stop hunt move upwards before dropping. Be patient.
Comment: typo. it is 1.1840. Thanks Marvin for pointing that out.
http://terryhexiejiaoyi.com
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I trade with Harmonic patterns and VSA. Follow me along my trading journey at http://terryhexiejiaoyi.com.

Currently will only blog in mandarin as most of my fans are based in China.

Comments

Thans a lot
Reply
You mean 1.1840
Reply
@Marvin, edited. thanks.
Reply
hi. how about the audusd. will it stillgo up to 7950 after touch 7760 next week?
Reply
@howard8250, that original shark did not play out. I guess it is coming down next week.
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