What's going Down ?

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBP : Day Chart (Posted Below)

Long Term Trend = Down : Short Term Trend = Up

Where does the time go ? I write for the last time this week and will not speak again till Monday evening as Monday is a holiday in the USA. I will bring to a close our week following the GBP and the insight into the MACD.

Early Shorting profits were clawed back in the afternoon with the Bulls fighting back. We have not yet made a lower low on the price and are finding resistance at the RN support.

If we break through this support, I suggest those readers who have done the webinar training to use ESLT on the relevant BOB. We are still trading between the trend lines indicated on the chart below and after bouncing off support, we have plenty of air above us.

Please note the obvious "Convergence" on Price vs MACD and with the moving averages remaining constant in the downtrend, we would have to wait for the MACD line to cross the zero line to indicate the possible change of direction.

I hope you have been profitable over the last week in your trading and learnt something in your training. As always please ensure you do your own analysis before placing a trade.
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst