Chart 1 is a Weekly Chart, followed by a monthly view of EUR/USD.
Last week was a Bearish Engulfing Candle negating the pin bar formation a week before that. This voids the bullish pin bar formation in weekly and brings the bearish pin bar in monthly chart into front play. I expect Eur/Usd to fall further for rest of the month. Monday and Tuesday candle is crucial. If we see a clear bear candles on both these days with a body size (opening to closing price) of 75 pips atleast than this would give us a clear confirmation for rest of the month.
But with the holiday season approaching fast, we may see a muted movements in market and could follow up on bearish trend from next month.
On Monday I will look for a gap in opening price from last Friday and would try to take a trade their, if no substantial gap is present that I would wait for Monday close to see the candle formation on daily chart.
This week is heavy on Fundamental news both from US and EU and could give us a direction for rest of the month.
Day Ending Update: Took a long at the very low of the day price at 129.97 but got out at BE out of lethargy, carelessness and nervousness. A bad day, took a short half way in between in order to make up for the loss of opportunity in morning. Short was at he descending trendline from above, price broke it shoot up and had to book a loss of 160 pips in total today.
Summary: Read forums and analysis, but dont pay attention to them, hang on to your trade and dont exit early, when opportunity comes, take it dont be lazy. Hold on to you profit. Stick to the plan!! What a day, could have ended it with a 400 pip profit, instead ended it in a 160 pip loss.
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