Price in a fight...very short swings. Be careful. FX4 P.S. Sent a signal this morning on Eur-Gbp. Details on the blog Pitchfork Goldmine.
Well... Looks like we have the very beginnings of some weakness. Nothing major. Will have to see how it continues to shape up. Switchbacks are possible, even likely. Blue HL overhead represents potential resistance from the Weekly. Taking nothing for granted...let price speak loudly first! All the best, FX4 Sent Usd-Chf signal earlier this morning. Details on the blog.
Thought I should post this chart set-up! Price showing weakness but at another area of support...green HL and WL. Notice the touches along the green HL...buyers there. Need a strong push to break below if that is where it is heading to next. News out this morning. Assume nothing. Beware of Wash 'n Rinses. FX4
Now here's EU for today. Will see if the lower green HL becomes a switchback to go lower. However, notice price is still inside the larger upward fork. FX4Newbies
Hello traders, Notice how price broke through that green HL yesterday...with the long green candle? Big push behind the move. Almost made teal ML...price falling again but support in the area. Don't underestimate the bullish presence...they've been trying...A few lines in the sand to watch for the tell. FX4
Well EU has been under some selling pressure. Hanging at the moment at some lines in the sand. US news to come. A time to be watchful and careful. FX4 P.S. The blog, Pitchfork Goldmine, is now available in multi-languages. Just select the language of choice from the icon on the right.
Hello Traders, Here is a close-up of the action. Price back at another line in the sand moment. Made some "higher highs" earlier today...and "lower lows", but overall no real change or indication as to where next. We'll see what it gives today. FX4
Chop and more chop. Look at the long shadows (tail and wick) indicated by the blue arrows. Shorter swings here. Just trade what you see. Bears are pushing but the bulls are standing guard. FX4
Well Traders, Seems like it has been a little treacherous the past few days. Got a chat message from a trader saying the same. Thought I would make a few comments here about it... How to "know" when to expect chop: 1. Where is price on the longer time-frame in reference to the fork lines? For example, if price is at an intersection of two MLs (from one up-trending fork and one down-trending fork, each using major swings), then there might be a war. 2. Is the longer time-frame (D1 or H4) in sync with the H1 and lower? Is one looking "bullish" and the other "bearish"? That would spell more confusion. An advantage of using multiple time-frames in your approach. 3. Do you see longer shadows (wicks and tails) and more of them on the candles than normal for the time of day you are trading? That could be a sign of low volume: thin trading. 4. Low volume means that it is easier to "control" price (could mean more volatility)...a place for whales to play with those who dare to jump in. So, what might be a good approach? Pass? When red flags are up at the beach, it might be a good day to go to the park instead. If you decide to trade, gotta be quick about it...in and out, with sharply accurate entries...and you better be dancing in step with the market. No time to be wrong...you'll be like blood to a shark. Have you ever seen a movie where a shark is in the water and then "smells" blood. He goes straight for it with increased momentum. Get the idea? Haven't listened to news today, but something is not the same. Take care, FX4