Looking at the weekly charts for the major pairs, to gauge “normality”. Currently checking which pair moved in line with the previous week’s 50EMA slope - so, if the previous week’s slope was upwards, was last week’s price movement upwards? - if the previous week’s slope was downwards, was last week’s price movement likewise downwards?
Last week, 23 of the 26 major pairs moved in line with their previous week’s 50EMA slopes. Across the previous 5 weeks, the best score achieved was 13 (once). On the face of it, this simple metric suggests the forex market is moving out of consolidation and towards continuation. Don’t know if this is useful or just interesting, I’ve not figured a way for it impact my trade decisions.
