I’m a student of the art of price action reading… and a hardworking one at that… So, I’m going to post some charts now and then to record down my questions and thought processes… for future reference….
Looking at the chart below, I probably won’t trade this… because I really don’t know how the price will proceed from here… Still a newbie at reading price action… I see contradicting signals… as listed below… very interested in how this pair will perform when market re-opens on Monday…
EURUSD, where next?
BULLISH
- MACD Divergence at point A
- A breach of support (Fibo 61.8) that failed at point A
- Price action supports a reversal (close is relatively strong, midway from the low)
BEARISH
- A breakout of the 1.3567 to 1.3606 trading range (indicated by the two red lines) at point B. However, this breakout seems to lack conviction because the candle reversed and closed at 1.3606.
- Further hesitation is evident at point C.
P/S: I have a slightly bullish bias for this chart. This is because a doji (by itself) is not a good signal, unless it is confirmed by other price action)
