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Recap
Euro on this someones morning. With this case we move one more TF looking to safety and better entry point thinking in the hot IFO news to be released.
The entry point is after the news, not before to minimize risk. However for brave traders an entry point on M5 during the news is included
Tips
SUPPORT AND RESISTANCE ZONES
Some people treat support and resistance as exact points. If the resistance line is at $75 and the stock rallies to $76, then they consider resistance to be broken. This is not correct.
Resistance should be expected in the vicinity of $75. The stock may meet resistance anywhere between $73 and $77.
Support and resistance should be considered approximate areas and not precise points. Think of support and resistance as zones.
And one scan from the Tushar Chande book the new Technical Trader.
Now we have read the picture knows what TC thinks and obviously he would say his indicators are better, and Wilders would say his indicators are better and son.
This picture try to show that the difference and correlation expressed by Chande is not absolute and every indicator have pros and cons. Starting by left.
1. CMO is OB meanwhile RSI don't. Both fails to show divergences.
2. RSI start to shows divergence long before price turns down and also provides an excellent exit. CMO divergence is less big and catch the OB condition several bars later than RSI
3.RSI does not show any divegence but CMO do.
4.Both indicators have almost same behaviour.
Recap
And target hit.
Recap
Euro European Morning.
H4 charts shows alowing momentum with stoch bearish cross, belows is monthly pivot at 1.5717. Price actually is trapped into WR2.
Hourly chart shows us Euro retracing to a cluster of Support levels after a bearish pattern.
For M15 No news todays and seems the Euro will be in a consolidation mode, unless Pivot break targeting 1.5686.
Recap
GBP move during European session. mIf target at 1.9837 is hit nest target is 1.9893.
There is a little divergence on H4 Stoch but is not powerful yet.
Correlation
And this pictures is interesting because shows two indicators which pretend to do the same but have completely different behavior on same circumstance. But is mots interesting to see how RSI provides the same entry point as with StochMACD combination and buy when everybody sells.
Seems trading starts to become a question of taste when we talk about indicators and not a question about indicators efficiency.
Recap
GBPUSD M5 is 1.9845/50 and currantly have a double touch. Below is R2 at 1.9808 which also is 23.6 retr from the move 1.9682 to 1.9848.
M15 MACD crossed down and also stoch with a "failure" rebound. Seems is all for today.
Recap
Euro didn't break the trendline and had stopped on Pivot (1.5740).
Pivot is also 38.2 Fibo of the move 1.5632-1.5813
Stoch is OS and is showing a divergence.
H4 Ssotcha is downward and gaining momentum meanwhile H4 MACD is losing momentum but isn't crossed down yet.
Recap
European morning was calm.
Cable on H4 have lost momentum. MACD lines show this and Stoch seems is going to cross up but due the current bar and the position of the Stoch this would end in a bearish divergence. We only can think to trade if pair clearly brokes up to 1.9850 (better 1.9860).
Cable on H1 shows a MACD bearish divergence. The Elliot waves are complete (we're going to talk about this tomorrow and next days) and probably now we're on some extension wave.
I'm going to replace the Stoch with Igorad's Stoch and the MACD_Lnx with a new one with a new code.
This market is really dangeorus. Euro signals are worst than Cable. Be carefull.