Again, it seems, the charts know best! I was quite reluctant to go long, but everything was pointing up and price was very supported on any dips so I shut my eyes and went with it - a quick 40+pips to end the week.
Of course, though, it is not the “charts” that make the moves, it is the majority force of the active participants that do that - and that the lesson why I wanted to post this:
I think chart analysis is important for both technical traders and fundamental traders. If one takes a view on fundamentals, or news trading, whether long term or short term, you cannot move the market yourself in that direction. So you need to “recruit” some helpers! Whilst one cannot actually make others trade with oneself, one can build a chart structure that will confirm if, and more importantly, when, the majority of other participants are doing what you want to do - and then join them.
A technical trader (like me) has it a little easier, we just watch for what the crowd is doing and jump on the same bus…
Although there is a lot of EU bearishness around, the charts were not (yet) reflecting that, in fact, were still showing the opposite - so there was the decision, ready-made, just waiting for the courage to go with it.
So “technicals”: - direction for the technical trader, confirmation for the fundamental trader. A useful tool for both!