DislikedQuestion:
Ok....I knew this SOB CADJPY was heading north...there was a PERFECT Weekly BUOVB...BUT, the Englfing Bull Bar closed right on the the Monthly Resistance level and round number 85.00.
Can I take a Long in this scenario? GOD, I wanted to go long...but I refrained myself...I reckon it has approx. 423 pips worth of legs before encountering any major resistance...
Maybe it's not too late...or perhaps I can catch a limit buy if I get picked up at 85.00.
Comments would desperately help here.....
GregBIgnored
Careful here, your bar is not a BUOB. For it to be a BUOB it needs to have a lower LOW then the previous bars LOW. This bar is simply a BUB, or a buillish bar, not normally a bar that we would trade and take a signal off, but just use for information.
Being that we aren't at a good swing low that has created some space, this isn't the ideal area for a BUOB if it was one. We can see right now we are sitting right at the first potential trouble area for us to get over.
Best
Mike
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