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Originally Posted by Summerset
Eurodollar seems to be breaking upwards from an ascending triangle. (Chart-A). If the Acceleration cycle (ADX) truns upwards, the issue willbe embarking on a new upleg in the TREND.
Try to buy the triangle's bottom of course at 5750, and double at 5685. A buy stop can be placed at 5999.
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I am changing my bias to an ending diagonal - See Chart-A & B, for a complete alter in the entries / exits strategy.
Chart-C, also supports the ending diagonal view. But mind that 6030/40 can still be made on attacks again at the diagonal's top. So its really a two way market, and I expect the diagonal to extend & thinout considerably.
Mid term, however, the current support is certainly weaking for an extended ABC zigzag correction down to alter with the previous flat ABC correction.
Profitable trading