UNDER THE GAP, all bullish picture hisse takas forex charts to bearish. Weekly Gap over weekly gap ?
Only long side of order consideration ! Bulls dead, Bears in to action again, BUT NOW, i SEE FULL BULLs in the market! Just writing my side of view. Short Term : Neutral – Down Trend? First of all, as a technical analyst, i am a dedicated full time forex “price action” trader.
As a day trader and frequent scalper, i don’t give any importance about fundamental analysis. Unless of course, in my daily rouitine, i always check for that day’s “news” first, to be able to avoid momentary volatility attacks of the market. That’s all i care about fundemantals of price movements. All my calculations based on pure “price action trading techniques”.
And i don’t try to be a wise ass about all complicated mathematical interpretations about price action. Because, in a world full of supercomputers and million dollars worth hardware and sophisticated software programmers up on them, while high frequency trading happening every mili-second etc i know if i pursue that way i don’t have any chance about making money in the market. As long as the price stays in blue ascending channel, we can safely assume, this is an uptrend. When blue channel breaks out upwards, uptrend is pushing with an increasing momentum. 80 price with a possible double top formation and price staying under 0-horizontal-red trendline, “after we see a spesific candlestick” confirms our assumption, we may try to short the parity “then”. Marked as a big “Y” letter with a yellow rectangle next to it. Daily or preferably weekly closes above 3.
80 is suspect to higher price movements with increasing momentum. So, it’s an “end of short” zone, and above it a perfect spot for possible SL point. This weekly “pin bar” formation is an obvious “shooting star candle” which represents a beautiful selling opportunity for this parity. The GAP which formed this week’s open is NOT CLOSED ! So, to be able to short this signal, i think a confirmation is necessary.