What's that Formation??
Good Morning Dynamic Traders,
Apologies for not posting an update yesterday, but I’m back now so let’s back to following the CADJPY. On Tuesday my update was in regards to the trend and some long term possibilities of what price might be doing.
To help understand a little more I have enrolled the help of the day chart below. You can see that that we had MACD convergence until price hit the RN and then climbed! With this confluence of events we would expect price to climb, as it has done!
On the chart below you can see I marked out the RN numbers that have had a big effect on price. These RN’s along with the VI has helped price to form a reversal formation, can you spot it?
Tomorrow we will go over the reversal formation and how this effects the direction of price, and the things that we should be looking out for next!
Happy Trading
Richard Monnery
Apologies for not posting an update yesterday, but I’m back now so let’s back to following the CADJPY. On Tuesday my update was in regards to the trend and some long term possibilities of what price might be doing.
To help understand a little more I have enrolled the help of the day chart below. You can see that that we had MACD convergence until price hit the RN and then climbed! With this confluence of events we would expect price to climb, as it has done!
On the chart below you can see I marked out the RN numbers that have had a big effect on price. These RN’s along with the VI has helped price to form a reversal formation, can you spot it?
Tomorrow we will go over the reversal formation and how this effects the direction of price, and the things that we should be looking out for next!
Happy Trading
Richard Monnery
Labels: CHFJPY
posted by Richard Monnery @ 11:47
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