DislikedI was just marking charts and noticed it as well, however, I'm wondering if price is rejected again could we play that as well. It appears that an IB has formed, does anybody take trades off of these? Or are they not very reliable?
Thanks
WaltIgnored
Walt
You can usually spot Inside bars when the market is ranging and it can signal a trend reversal or continuation of a current trend, when you see several of them winding up tight, it usually means a hard break one way or the other - many people just place buy/sell stops on both sides to catch move. As with any PA bar they need to be in a good location! location is key!
I would prefer to take a 4 hour view of the chart, we certainly have price boxing with .98000 acting as flip point - if we can close below the flip point and below the trendline I would probably look for short position down to the bottom of the box - taking partial/full profit or moving my stop to b/e - if we can close below the box we should see it hold as resistance and could move lower.
But we have been knocking on the .99000 a bit now, so I wonder if we will see a push above that level - if price can close above I will look for PA or a retest of .99000 to go long - the parity level @ 1.0000 would definitely be an area to watch though, but there seems to be nice space for price to move into.
This just my view and not trading advice, I will not trade this until price tips its hand one way or another, then I will make a decision based on the amount of confluence.
Be interesting to see what more experienced traders think too,
Kind Regards
Sanil