I find GBPAUD has a similar move pattern as EURAUD except that GBPAUD moves 1x faster than the latter. I have incorporated a 50LWMA on the chart to see the comparison.
Now this is the exciting part for GBPAUD. Will price shoot through the roof or reverse back down now that it is back at the 61.8 Ret on the 2nd try. These are hard decision points. To short or buy on break?
Good question, TradingInc. Let me see what my eyeballs are telling me.
The bigger picture shows price moved down significantly since 2.13650 now possibly in the middle of developing a bearish flag pattern.
The 50MA is sideways indicating price action choppy likely.
The immediate price action shows the latest green brick that reversed from red made a higher low at 2.08536 than a previous pivot low of 2.08324 so it may move up a little more until it hits some of the resistance lines you drew, or a down sloping trend line that can be drawn from some of the previous swing highs.
So my conclusion: price may go slightly up, possibly not a big move up in the immediate future.
What do you think now? Thanks.
What's up Partner, ....you makin' money with this stuff? To short or to buy the break. Hmmm.. sounds like a 50/50 guess. If you're makin' money with this, keep at it and my apologies for thinking otherwise. If not find a better strategy with no guessing. I hate to see people wasting time like I did.
Now this is the exciting part for GBPAUD. Will price shoot through the roof or reverse back down now that it is back at the 61.8 Ret on the 2nd try. These are hard decision points. To short or buy on break? {image}
Good question, TradingInc. Let me see what my eyeballs are telling me. The bigger picture shows price moved down significantly since 2.13650 now possibly in the middle of developing a bearish flag pattern. The 50MA is sideways indicating price action choppy likely. The immediate price action shows the latest green brick that reversed from red made a higher low at 2.08536 than a previous pivot low of 2.08324 so it may move up a little more until it hits some of the resistance lines you drew, or a down sloping trend line that can be drawn from some...
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Hi Calaxcorp, I guess RBNZ made the decision for my question......lol
Still panicky but after running allover the net I can't seem to find forex broker who has renko, (that I can afford at this point). Am wondering if Dukascopy feed into mt4 is any better or if it is simply a bug in the mt4 platform itself... That the data jams up like that... and weeks of data actually disappears altogether.. But I am attached like anything to my renko charts. So will continue to try to get some clarity on this problem. In the meantime I will check the background m1's for gaps, etc. some really intersting setups beginning to form...
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Hey man whats that indicator called? the yellow and green dots?
Experience is the hardest teacher. It gives you the test first, and the le
