My first trade, GU price below pivot point breaks psycho level 50.
Time to short.
Time to short.
Attached Image
Adr, psych levels, demand & supply trading 14 replies
Standard Pivots and Fibonnaci Pivots? 9 replies
EUR/USD 5min - Trendlines and Pivots 379 replies
Important psych levels 1 reply
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedMy first trade, GU price below pivot point breaks psycho level 50.
Time to short.Ignored
DislikedSince FO, cable has uncoupled from Euro and has bounced up off its 6000 level. The PA - long upside wicks on my 15 min chart - and especially an ultra high volume, narrow ranged candle at 6:60 gmt - mid FH - that held at the 6050 level all IMO point to distribution.
However, a spike higher to the R2 / 6100 confluence would not surprise me......my 5 min trend is up until the 30 ema rolls over.....Ignored
DislikedYes, I noticed that move, with nothing from cable - but I've noticed how cable can hold sideways for some time until it suddenly breaks - I've finally learnt how to be patient! http://www.forexfactory.com/images/icons/icon7.gif
Edit: cable's high was in a high volume 15m shooting star - i.e. a long upside wick - for me that's bearish, but perhaps EV can tell us its correct interpretation......Ignored
DislikedYes, I noticed that move, with nothing from cable - but I've noticed how cable can hold sideways for some time until it suddenly breaks - I've finally learnt how to be patient! http://www.forexfactory.com/images/icons/icon7.gif
Edit: cable's high was in a high volume 15m shooting star - i.e. a long upside wick - for me that's bearish, but perhaps EV can tell us its correct interpretation......Ignored
DislikedSorry, I've been busy with other things....
A virtual succession of long upper shadows usually signifies that although price is moving up, the bears are gradually taking over. Nothing is certain, of course, but that's what those candles were telling us. However, the 30ema is still moving up, whilst price seems to have entered a mini-period of consolidation at the moment. Almost as if it's considering an assault on R2 at 1.6090.
As with all things in this game, as Islander keeps telling us.....TWT!!Ignored
DislikedLOL - thanks EV http://www.forexfactory.com/images/icons/icon7.gif
Agreed, 30 ema now at the 6075 level - that's where we've had the highest volume of this morning's move......I've taken another short off the 6100 level - tight stop in case it breaks......Ignored
DislikedTP at the 6075 level was hit, I reversed and have again sold the 6100 level....high volume now also in the R1 area around 6090.....with price unable to break above the 6100 level that's confirming the distributionIgnored