Where's Price going now?
Good Morning Dynamic Traders,
Hope your all having a great week, and managed to collect some profits from the markets.
On my update last Thursday, I spoke about price breaking out of the channel and possibly climbing further. However after my update that morning price took a huge drop and fell back in the channel. In the day chart below you can see that price fell below, but then closed at a fib breather level. You will notice that the VI was acting as support for price and we still have the convergence from MACD. These confluences of events all support the theory that price could climb further.
The problem with this theory is that the theory is going against the trend. What might draw some comfort for you is where price is in relation the VI. Price is above the VI, so price climbing further is now even more attractive, but not guaranteed.
What action will you be taking?
Carpe Diem
Richard Monnery
Hope your all having a great week, and managed to collect some profits from the markets.
On my update last Thursday, I spoke about price breaking out of the channel and possibly climbing further. However after my update that morning price took a huge drop and fell back in the channel. In the day chart below you can see that price fell below, but then closed at a fib breather level. You will notice that the VI was acting as support for price and we still have the convergence from MACD. These confluences of events all support the theory that price could climb further.
The problem with this theory is that the theory is going against the trend. What might draw some comfort for you is where price is in relation the VI. Price is above the VI, so price climbing further is now even more attractive, but not guaranteed.
What action will you be taking?
Carpe Diem
Richard Monnery
Labels: CADCHF
posted by Richard Monnery @ 09:34
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