Will price continue to climb?
Good Morning Dynamic Traders,
Halfway through the week now, and I hope your having a good week!
Price has climbed even further since my update yesterday, so will price continue to climb? The honest answer to this question is I don’t know, because the market will do what it wants to and remember, the market is always right!
However if price does continue to climb, what things should we be looking for? And when can we think about entering a long position?
To answer these questions I will be using the weekly chart to help me explain. I have mentioned a couple of times since following the CADJPY that we could be in a bullish flag. If this is indeed the case we should be looking out for a reversal candlestick formation for extra confirmation for price breaking out of the breather. In the weekly chart below you can see a reversal candlestick formation forming.
For entering a long position is dependent on how aggressive you are as a trader. The more aggressive you are the sooner you will enter a trade, and this can be from any point now! Personally, I am more conservative, but more importantly I need more confluence of events then we have now, because price can still potentially drop. For these reasons this is why I will be waiting for a BOB above the S/R line that I have marked out on the weekly chart below.
It will be interesting to see what happens to price today, as it currently hovering around a previous S/R area, which is why price has slowed down.
Till tomorrow
Carpe Diem
Richard Monnery
Halfway through the week now, and I hope your having a good week!
Price has climbed even further since my update yesterday, so will price continue to climb? The honest answer to this question is I don’t know, because the market will do what it wants to and remember, the market is always right!
However if price does continue to climb, what things should we be looking for? And when can we think about entering a long position?
To answer these questions I will be using the weekly chart to help me explain. I have mentioned a couple of times since following the CADJPY that we could be in a bullish flag. If this is indeed the case we should be looking out for a reversal candlestick formation for extra confirmation for price breaking out of the breather. In the weekly chart below you can see a reversal candlestick formation forming.
For entering a long position is dependent on how aggressive you are as a trader. The more aggressive you are the sooner you will enter a trade, and this can be from any point now! Personally, I am more conservative, but more importantly I need more confluence of events then we have now, because price can still potentially drop. For these reasons this is why I will be waiting for a BOB above the S/R line that I have marked out on the weekly chart below.
It will be interesting to see what happens to price today, as it currently hovering around a previous S/R area, which is why price has slowed down.
Till tomorrow
Carpe Diem
Richard Monnery
Labels: CADJPY
posted by Richard Monnery @ 10:15
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