Welcome to the first of what I hope is many chart discussions we have.
Let’s start by looking at the EURUSD pair:
It’s looking as though we could see a move to the upside this week.
Price has stalled and seemed to be reversing back to the upside, but its coming down again today.
I put in a sell trade on Friday, more to practice ACMGold’s new platform than me a following a very clear trading signal so I’m very interested in watching this pair.
Price seems to be stalling, we’ve currently got an inside bar and a reversal bar formation which shows a potential big move, I think down, but the near support of 1.51551 is a level to pay careful attention too.
The USDJPY continued pushing higher again today and is now sitting just below key resistance at 99.90 – 100.00.
The momentum is still very bullish and you can look to trade in-line with that momentum by watching for price action buy signals on a retrace back to support.
However, if a large daily chart pin bar or fakey sell signal formed near that 100.00 resistance level, it could also be a good shorting opportunity.
The spot Gold market is slightly higher again today for the third trading day in a row, as the market continues to retrace up after the huge sell off.
The trend is still down and we want to trade with the trend until it clearly ends.
So watch for price action sell signals on the 4hour or daily charts forming within the 8 / 21 day EMA dynamic resistance layer or higher up near the horizontal resistance around $1,320 – $1,340 to trade back in-line with the downtrend.
Thanks for reading and because this is something new for me, I’d love to hear from you. Questions, comments, suggestions, and your opinion is what I want to hear. Please get in touch.
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