Hello Traders, Price finally made a move down from the red fork and found support on one of its related lines WL1. From there we had a buy, which honored the direction of the other green fork. A new green fork was added using the pivot formed on the WL. Patience is the key to succeed. Wait and watch the market until you see the entry that you can recognize and trade. FYI: Overhead resistance in the 1.2300 neighborhood. Have a good day, FX4Newbies
Hello again traders, Just wanted to drop you a little line before having to head out...price hit the target set. From here anything can happen...a pull back, a sideways move or a push higher (which will need to overcome some resistance). Will check when I return and plan to post before the Asian session. Safe trading to you all.
Hello Traders, Attached is a chart with my thoughts for now. We'll see how the market goes forward. Be careful and watchful.
Hello Traders, Just a continuation of the earlier chart...what price does in and around the green L-MLH will be pivotal. Take care,
Hello Traders, Decided to add another fork, a black one as price appears to be having a challenge deciding. The new fork shows a sideways move, with a slightly upward bias...in that case I will be waiting for confirmation of direction. Be very careful.
Good Morning Traders, Price has been battling for the last four hours or so. If it does not go south but bounces around, there could be a battle in the region of the triangle. For those of you who trade continuation chart patterns like symmetrical triangles, pennants etc., maybe now you have an inside look as to why they form. When you begin to understand "the why", trading becomes much easier and not so mysterious! Enjoy. FX4Newbies
Hello again, This morning I let the news play out then jumped in with a buy for a quick scalping trade...a few pips. Anyway, pay special attention to how the price reacted at the L-MLH of the green fork, where I had the ???. Once price formed that new low, I introduced a new blue fork. Price went straight to that ML, which was my exit because I expected a pull back there. I expect to be erasing some of these lines for the Asian session...decided to keep them here so those downloading these charts can follow the process. Take care,
A sideways market at the moment. Will be watching to see how the market shapes up for the London Session.