I hope everyone is doing ok and learning a little bid every day with the help of Master Wayne in the daily webinars…. securing some PIPS.
Let me give you my opinion on todays analysis on the eurusd daily chart.
I use the daily chart to define my bias and then switch to smaller time frames to insert my trade.
Ideally I trade in direction of the 50 day moving average.
When I think price is overextended and at resistance then I look to sell.
What I mean to say is I trade what I think the chart is telling me. To figure out who is in control …the bulls or the bears….
Todays candle was another doji or put simply another day of indecision.
I do prefer to wait for the close of the candle for some additional confirmation.
The stochastic seems to want to come down but price is not playing along at least not yet.
Therefore my trade recommendation for this chart is to wait.
Let a candle close below the range of the previous days before taking action.
I would prefer not to take a long trade even if the upper range is taken out because of the overbought stocks.
I placed this chart of the eurusd 1 hour where the range is clearly displayed.
The only thing I am interested in before I take any action is for price to break out to confirm my trade.
Indecision candle means just that indecision therefore I dont want to trade if the market has not decided on a direction yet.
I wish you like always the BEST OF PIPS