Good Morning Dynamic Traders
"Better to have tried and failed, than not tried at all"
Cross = GBP : Daily Chart (Posted Below)
Long Term Trend = Down : Short Term Trend = Down
I have continued to leave the EMA 12 & 26 on the chart so you can continue to see their movement in relation to the MACD line.
Some of you would have had a handsome reward of pips today with this cross providing a significant bear bar. With the moving averages having NOT crossed, the downward trend has continued and whilst not as steep as earlier in the chart, it is still providing lower lows.
I have placed some trend lines on the chart, from which you see the cross ranging between since 11th November. With the trend as our friend and heading down we have had 2-3 opportunities to explore possible 123886 within the range.
Whilst the MACD line continues to show convergence, it remains in Bear territory and any upward movement is a breather in price before a further lower low is established.
With a RN around current support, this would need to be broken for further weakness to be achieved. We have some 400 pips below us before reaching support at the bottom trend line.
Please do your own analysis before entering a trade, and if the trend is your friend, then your stop loss is family !
Courtesy of Advanced Get / E Signal
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