This will be the last post with the advanced Fibonacci projections showing, I just didn't want to leave those following post #3 suspended in not knowing what happened and also use the example to point some important trading facts.
Here is the update for the market condition. It is saying a totally different thing today now that new price action took place
Long-term trend analysis: Overall inclination - Long
1) Price closed well above resistance level (Long)
2) Trigger lines regained momentum and are separating (Long)
3) Price bouncing off 34 MA (Long)
4) Zerolag MACD crossed to the down side and well above zero line but is flattening instead of curving down (Short)
5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)
Medium-term trend analysis: Over all inclination - Long
1) Price well above resistance level (Long)
2) Trigger lines closed up and lost momentum to the down side (Long)
3) Price right at resistance of from 34 MA (Short)
4) Zerlolag MACD crossed to the up side and well below zero line with strong slope upwards (Long)
5) Cycle indicator curved up (Long)
Short-term trend analysis: Over all inclination - Long
1) Price bounced off support level (slow retracement setup) (Long)
2) Trigger lines gained significant momentum and are sloped upwards consolidated and tight (Long)
3) Price far from 34 MA (Short)
4) ZerloLag MACD crossed downwards and well above zero line (Short)
5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)
Possible scenarios:
1) It would seem the market is still continuing the upward trend on the daily chart. First resistance level would be 1.23685, followed by 1.24538 then 1.26037, respectively.
2) There is also a possibility that the market is setting up for a divergance on the daily chart where it will reach the the first resistance level on that chart while the MACD is going down. We shall see.
Despite of the above, I am staying aside. I would like to see a better setup on the 4H time-frame (i.e. All indicators are in agreement, specially the Triggerlines)
So, as you see, what makes the markets interesting is that everyday it tells a different story; with each passing day a new clue appears that gives a hint as to which way the price will go. Yesterday it was short, today it is long. I find that just amazing.
Refer back to my strategy, I mentioned to always trade on facts and not assumptions or instinct. What I just described above are my opinions on what I view as facts. Of course others may disagree, and that is yet another dimension of the beauty of what we attempt to do http://www.forex-tsd.com/images/smilies/teeth_smile.gif
Trade well my friends.
Pip_Fx
Here is the update for the market condition. It is saying a totally different thing today now that new price action took place
Long-term trend analysis: Overall inclination - Long
1) Price closed well above resistance level (Long)
2) Trigger lines regained momentum and are separating (Long)
3) Price bouncing off 34 MA (Long)
4) Zerolag MACD crossed to the down side and well above zero line but is flattening instead of curving down (Short)
5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)
Medium-term trend analysis: Over all inclination - Long
1) Price well above resistance level (Long)
2) Trigger lines closed up and lost momentum to the down side (Long)
3) Price right at resistance of from 34 MA (Short)
4) Zerlolag MACD crossed to the up side and well below zero line with strong slope upwards (Long)
5) Cycle indicator curved up (Long)
Short-term trend analysis: Over all inclination - Long
1) Price bounced off support level (slow retracement setup) (Long)
2) Trigger lines gained significant momentum and are sloped upwards consolidated and tight (Long)
3) Price far from 34 MA (Short)
4) ZerloLag MACD crossed downwards and well above zero line (Short)
5) Cycle indicator is gaining momentum and has picked up some positive slope (Long)
Possible scenarios:
1) It would seem the market is still continuing the upward trend on the daily chart. First resistance level would be 1.23685, followed by 1.24538 then 1.26037, respectively.
2) There is also a possibility that the market is setting up for a divergance on the daily chart where it will reach the the first resistance level on that chart while the MACD is going down. We shall see.
Despite of the above, I am staying aside. I would like to see a better setup on the 4H time-frame (i.e. All indicators are in agreement, specially the Triggerlines)
So, as you see, what makes the markets interesting is that everyday it tells a different story; with each passing day a new clue appears that gives a hint as to which way the price will go. Yesterday it was short, today it is long. I find that just amazing.
Refer back to my strategy, I mentioned to always trade on facts and not assumptions or instinct. What I just described above are my opinions on what I view as facts. Of course others may disagree, and that is yet another dimension of the beauty of what we attempt to do http://www.forex-tsd.com/images/smilies/teeth_smile.gif
Trade well my friends.
Pip_Fx