In many cases a turn around sign is at least a 100 pip strong upward move, not a move that draggs itself 100 pip upwards.
Failure to see this type of reaction is a sign that current trend is in place.
These types of moves, have the tendency to happen within few hours of openning or closing of the eur session. If they happen another times, they are usually fake moves.
Failure to see this type of reaction is a sign that current trend is in place.
These types of moves, have the tendency to happen within few hours of openning or closing of the eur session. If they happen another times, they are usually fake moves.
DislikedSorry for late response,
but in the case of the chart at the time that you wrote this post, highly corrective movement was expected. so a downward movement to about 78.6 or 88.6 of the rise from 2642-2823 would have been a natural expectation.
2642 was slightly above Jan 15 low of 2623, so still we could have been at the end of a movement.
Since the Jan 15 Low and (August 22 - Sept 15) of 2010 lie on the same line, I was not expecting it to be broken. They were strong levels.
But the fact that it is broken, within a limit of 50-100 pips...Ignored