I POSTED THIS YESTERDAY AND IT IS LIKE A DEJA VU TODAY
FOR THOSE WHO MISSED THIS OR WERE TO REMIND YOURSELF, IT IS WORTH READING
This is a really good tip to keep in mind,… Look at THE price action so far in the US session
Actionable Forex Trading Strategy When to Fade a Correction
Actionable Forex Trading Strategy When to PORICE Fade a Correction
US 10-YR 4.404% +0.027; DLRx 104.55
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DLRs got bit of phillip but imo will need to climb N of 105 and sustain
Sup 104.15
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psst … gamechager:
The Russian announcement of a massively massively crude deposit – around 511 billion barrels worth of oil, equating to around 10 times the North Sea’s output over the last 50 years – is going to unleach animal spirits and hinder ESG regardless of tree huggers screams
EURUSD 15 Minute Chart -Directional Shift
Using the AT Ladder strategy, the pattern shown in this chart gave a buy entry signal at 1.0843.
Modest move so far but it did indicate a change in directional risk.off the low
This is one of our most popular articles and on a day like this it is worth showing again, for those who have not read it and as a reminder for those who have read it as well.
Here is a test: Check your emotions and see how a currency feels like it is trdoing when it is above/below the “50” level
eurusd 1,0850 (currently below)
gbpusd 1.2650 (currently above)
audusd .6650 (flirting with it)
My Favorite Trading Secret: The Power of the “50” Level
My Favorite Trading Secret: The Power of the “50” Level
A look at the day ahead in U.S. and global markets from Mike Dolan
After a week of worldwide stock market records, Friday seems set for a breather – with attention switching to the deepening Chinese housing bust and sweeping government plans to stop the rot there.
GBPUSD 4 HOUR CHART – LOWER BUT LAGGING
GBPUSD is lower but lagging EURUSD as EURGBP slips.
You can see the importance of 1.2643 as there is a void of supports until 1.2575-85 on this chart. This also means there are no obvious stops to go after until that level.
This suggests using shorter time frame charts to trade this currency.
EURUSD 30 MINUTE CHART – REALITY CHECK
It appears markets are getting a reality check that the Fed is likely to stay tight for longer vs. the euphoria of rate cut expectations after the latest CPI report. That’s what news reports are saying anyhow. Equities though are so far little changed on the day.
This chart shows 1.0831 and 1.0819 as supports (also 1.0813 not seen on this chart)
On the upside, 1.0854 is a key level, as it has to stay below it to keep the retracement risk on the downside and a double top at 1.0869 above it.
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