DislikedThere is a bullish engulfing candle on the 1H chart. As Aus said, everything is oversold at the moment, though in a trending market oscillators don't mean a thing, as Pipchick pointed out. The 4H is the only current chart showing any kind of MACD divergence, and it hasn't yet consummated. It could go down and retest 232 or 231.50 as pointed out by Aus, Zoran and a few others. Me thinks it might be ready to go up and fill that gap. And for those who have questioned whether or not the gap fill is a must, go back and do a backtest as I did several weeks ago. Don't just take someone's word that they don't think the gap-fill is necessary. There was only one instance, many years ago, where a gap was not filled on GBP/JPY. There was one instance I recall where it took three days for the gap to fill, but it did fill. In recent years, since Forex has been open to the everyday trader via internet, gap has always filled, and I see no reason to believe it won't this time. There are orders within that gap that brokers will/must fill. However, as Hakuna has pointed out, you don't just jump in anywhere. If you had jumped in at the beginning of open trade today where the gap was 80 pips, you'd be down a couple hundred pips right now. I hope some of you noobs are seeing what I am doing here. I'm taking a little bit from many of the traders here who know what they are talking about and using their pieces to create a picture of where the market is currently. This thread is a beautiful thing. There are others as well who have already added profound tidbits of wisdom setting the stage for the week; Karmo, Markam and probably some others I'm forgetting. Keep up the good work, gentelemen (and PC). I need all of your help in order for me to make some money this week.
M2B
PS- Thanks for the new Momentum indicator, Bruce. It is a nice space-saver. Now I just have to remember which color represents which smoothing number.Ignored
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