this is the 5 min negative divergence target may be the wedge trend line at least that is what i am hoping for
Can be argued that it is a bullish divergence and we are trending up towards that last resistance level which to me looks like its going to break and we will make new highs. This is a second test so more likely to break. I dont trade euro/usd but i guess all charts are the same... Also I am just a beginner honing his chart reading skills, that's why I participate in your threads.
Looks like it broke out of a consolidation pattern and moved up. Still moved up as expected after. I think he is looking at it from a hindsight point of view. You cannot go back in time. What matters is when you entered "now" and where you exited in the "future."
you sound like Brooks....according to him...there are trades every 5 min ....i caught all of them ...only problem in 10 years i blew 50 accounts...maybe more...so ...i appreciate what you are saying but once bitten twice shy
Also if you believe in correlated markets, look like Dollar is gaining strength in Gold right now as well. Breakout imminent.
unfortunately not many post charts.....but i posted the 4 hourly ...it looks like a bottom in the eur usd.....but breakouts are extremely fickle and it may pullback if does then my short will make money....see 5 min chart which i posted, it shows negative divergence...i hope you do learn something
Your negative divergence on the 5 minute chart is a trap, higher time frame trend will over power it..... but who knows anything can happen.
the charts i posted 4H and 5 min show that break out is imminent but a 40 pip move down in eurusd will not change anything and that is indicated by 5 min technicals
you are right but how will the trap work? a shakeout move down? if you are long eurusd STAY LONG....before any big move the shakeout will come