Short Term Trend: Bullish.
Price Action Signals: Price sold off after a false break out above the 14135 resistance level last week. Price moved down from a Bearish Pin Bar that formed just under the 14135 major resistance level, 2 weeks ago (counter trend). You will note last week we said ‘We are not looking to trade the break out above the 14140 level as this type of trade has proven risky in this market recently, with several false breaks eventuating’
Potential Trade Idea: We are considering trading longs only after a substantial retracement in prices AND after a price Action Buy signal forms on the 4 hour or daily chart at either the 13460 or 13248 support levels.
Price Action Signals: Price sold off after a false break out above the 14135 resistance level last week. Price moved down from a Bearish Pin Bar that formed just under the 14135 major resistance level, 2 weeks ago (counter trend). You will note last week we said ‘We are not looking to trade the break out above the 14140 level as this type of trade has proven risky in this market recently, with several false breaks eventuating’
Potential Trade Idea: We are considering trading longs only after a substantial retracement in prices AND after a price Action Buy signal forms on the 4 hour or daily chart at either the 13460 or 13248 support levels.