Good Morning Dynamic Traders"Better to have tried and failed, than not tried at all"
Cross = EURGBP : Day Chart (Posted Below)
Long Term Trend = UP : Short Term Trend = Down/FlatRule 1 The market is ALWAYS rightRule 2 If you think YOU were right, refer to rule 1
On last nights blog we said we were waiting for a BOB from the price squeeze, in order to enter the trade. On the 60 min chart we had a FALSE breakout at 0600hrs and at 0900hrs we had a second to the downside. This move gave a chance of a share of 160 pips, I hope some of you were rewarded.
With the longer term trend up, I was favouring the breakout to be to the upside. This was against the trend and led me to observing RULE 2.
You will see from the posted chart we have come back to test support for the fourth time, remembering the trend on this chart is up.
Stochastics are showing OS and is crossing the 30 line pointing UP
MACD has crossed down through the zero line giving a contrasting view
RSI is below the 50 line pointing up and could cross in the near future
Our indicators are conflicting, what should we do ?, Refer to RULE 2.
Price is currently yet again at a fib breather level, with the up trend and tomorrow brings some big news releases, so if in doubt refer to RULE 2.
Do your own analysis before entering the trade and use a stop loss.Courtesy of Advanced Get / E SignalTrade with PassionJohn MaherForex Analyst