Sunday, June 24, 2007

Hindsight learning


After 8 am it's strongly up relating to previous day range. So the power is up, you should look for possibility of up trend day.



There is strong resistance, beware maybe this is reversal and trend up is over, now you can make money by shorting.


After consolidation there was aggressive pullback that is halted and price is back in the range. Any breakout from the small range up or down can indicate future price direction.


We now definitely have double top, direction is down get as many pips as you can. But beware it's Friday late afternoon price action can be violent in any direction especially if it started to move so fast as is moving now down.



Fast reversal is getting in trouble. There is buying going on indicated by the long wicks. Path of least resistance is up.

2 comments:

Dinosaur Trader said...

Hey, good to see you back.

-DT

FX said...

Thanks man :))