I’m not disagreeing that this chart isn’t Bullish, just I’d still be a little cautious. The medium trend is still Bullish. The cautious bias I have is that for me personally, I’d want another candle close above the low of (2)
Two consecutive candles have not closed above any low since the very Top candle, hence there is no key support level confirmed in the short term., namely a fractal that has been formed to give good support that will hold. As you can see from the previous candle before circle (1); where we are now is somewhat of a similar type of pattern. That’s why another candle is needed before we have a better picture. We want to know if price action similar to what happened after circle (1) will repeat, or circle (2) is really a solid floor and we can go Long with more safety.
Ok, sorry if I confused anyone, just wanted to share some food for thought. Keep them candles lit
Sorry I haven’t been around much, I’ve had to take over a friends business because he has some heart problems. Ill be stopping in as much as I can.
The charts are looking weak for the start of this trading week, plenty of bear action going on. Monday Asian session price action can be tricky, sometimes it sets up the mood for the whole week sometimes it just gets eaten up by London/NY trading.
This was a setup I was watching on the GBPAUD, I’ve missed the entry, but I am not too worried as I don’t really want to jump in on early Asian Monday moves.
I’ve posted about a setup on the GBPUSD which I was honestly surprised to see this morning, but I’ve had a few emails saying that my chart doesn’t look right. I am with Alpari UK, does anyone elses chart look like this ???
Oh well, better cancel my order then, can’t take Price Action trades based on price glitches. Overall the market seems really churned up at the moment, no great signals to take advantage of. I thought alright here we go when I seen my price glitch signal today back to the sidelines for me.
Just a quick question.
Why do you prefer Alpari for your charts? l think Alpari gives you 5 plus a small candle for Sunday while with NY Close charts you get 5 Daily candles a week, isn’t that better?
I caught a nice move on EURAUD last night. What do you guys thinK?
Nice one! You’ve gotta love them explosive breakouts. The RBA dropped interest rates I see so that caused some explosive AUD movement.
I had this Indecision breakout trade trigger on me last night. The signal formed on top of the trend mean value, an over trend that is clearly bullish here. Price has been consolidating pretty tight here the last few sessions, so I thought well if price breaks out of the indecision candle high, we could see another step up in the overall dominating trend…
No signals on the charts today but a few interesting scenarios that I’ve spotted.
First on the Gold chart, there is a price squeeze pattern. Whats interesting about this is price is squeezing under stubborn resistance also jammed in between the trend mean value. This could really go either way and may even cause a massive failed breakout through resistance before a possible sharp sell off. It will be interesting to see how it pans out.
Also on AUDUSD, and even NZDUSD have reached strong weekly support levels. The AUSUSD weekly support level has proven itself in the past and is obviously significant. Are we going to get a bullish signal here at the end of session close? Are we going to see a massive false breakout of this important support that will trap a lot of traders before bulls kick in. Or will this support just simply not hold and price just crashes through without looking back. If price closes underneath it would probably pave the way for a much larger longer term bearish move for the AUDUSD.
Just checking over AUDUSD as I talked about in the previous post, looking for bullish signals off this weekly support line. Last session an Indecision candlestick signal did form so any breaks of the highs could be a good chance to catch any bullish breakouts from this level. Tdere really is no trend in this market, if you zoom out you can see it’s just been churning sideways, saying that though the recently momentum has been down so this trade could be considered a little risky. Also I just realized it’s the NFP session. It just depends how risk hungry you are :D, a nice NFP result could see AUDUSD explode upwards off this signal, saying that though any breaks of the lows would probably see another extension of a longer term move down. So is it going to break up ^ or down v , something to keep your eyes on.
cant post graphs right now but pin on EURCAD although dont like all the congestion to the left
Pin on AUDJPY - if breaks through resistance which it looks like it wants to then could see quick move to 76.901
pin on CADCHF
also what do you think about the rejection bar/breakout on EURNZD?
All these are not at swing highs/lows but the more chart time I get the more I see these signals kick off large moves so am being more open minded to them recently. Im not saying im going to take them all of course but would welcome your thoughts…
back to the sidelines for me.
