Big picture #GBPUSD overview
We have a Zone of Strength on background (green square). It started from breaking down the bearish trend-channel in the late July days. This breakdown acceleration produced a panic feeling (I bet, news was very "bad"). Then we got a sequence of accumulation - EVRB (absorbing the panic - blue circle), SLKB (the secondary test) and the Final Trap.
You can suppose - why Oleg is telling these old patterns from deep history? Because they repeat one after another on many market.
Note how price did breakout through the top red line on the mid-Oct days:
11/Oct - DB
14/Oct - testing of supply, sellers were inactive. This can be seen by NS bar. NS told to professionals market is strong
15/Oct - bullish response to NS on the previous day, and breakout above red line.
How could we interpret the latest events? What is the outlook for the nearest future?
1/ FOMO Manipulation. Some "good news" arrived and price pumped into the overbought zone of the current green channel.
2/ Attempt to ris on low volume. No bullish power. Clos on the low, demand is weak.
3/ Supply bar
4/ Price touched the center line of the up-ward channel. Note the slight increase in volume in comparison with the previous day. It seems to be a minor Panic experience under 1.30 round level.
Current bar is green, price rejected to develop further in bearish way. But look the volume - it is too small.
What is the future.
Google me to find out more.
We have a Zone of Strength on background (green square). It started from breaking down the bearish trend-channel in the late July days. This breakdown acceleration produced a panic feeling (I bet, news was very "bad"). Then we got a sequence of accumulation - EVRB (absorbing the panic - blue circle), SLKB (the secondary test) and the Final Trap.
You can suppose - why Oleg is telling these old patterns from deep history? Because they repeat one after another on many market.
Note how price did breakout through the top red line on the mid-Oct days:
11/Oct - DB
14/Oct - testing of supply, sellers were inactive. This can be seen by NS bar. NS told to professionals market is strong
15/Oct - bullish response to NS on the previous day, and breakout above red line.
How could we interpret the latest events? What is the outlook for the nearest future?
1/ FOMO Manipulation. Some "good news" arrived and price pumped into the overbought zone of the current green channel.
2/ Attempt to ris on low volume. No bullish power. Clos on the low, demand is weak.
3/ Supply bar
4/ Price touched the center line of the up-ward channel. Note the slight increase in volume in comparison with the previous day. It seems to be a minor Panic experience under 1.30 round level.
Current bar is green, price rejected to develop further in bearish way. But look the volume - it is too small.
What is the future.
Google me to find out more.