Result: Down bias played out, negative close on 1hr followed by 15 min lower high (head and shoulders) at the upper extreme of recent price action..
GU - 4hr about to close and signal sell. Bias down with potential to move up from the lows/W M1 1.5193 area.
Result: Down bias played out, 1hr shooting star followed by 15 min lower high at the recent upper extreme of price action.
EJ - Bias down with potential to bounce from the lows above 131.00.
Result: As with EUR and GU the moves of the day were in the US session. Decent move down in line with bias to the recent support levels above 131.00 where we bounced.
I don't think it would be unreasonable to say that all 3 pairs moved in line with with the analysis done at the start of the day. Does this work every day as well as this, no if course not. On most days even if moves are counter to the initial view there is usually ample information to support following the counter trend trade rules. Proven support/resistance levels or W pivots. Change of flow on 1hr i.e. multiple candle patterns higher low/lower high, double bottom/top, evening/morning star patterns with 3 bar reversals.
No comments:
Post a Comment