EURAUD is inside shadow pre-identified in previous post. Goto back story for basis of this discussion.
The boundaries of current resistance/shadow zone are 1.5717 and 1.5618. Black candle last Friday is a price reaction or rejection to this zone.
Since today is up we have luxury to wait and see if another rejection in the daily chart. Window panel below shows CCI with period setting 14. CCI already touched and rejected 100. If there is a concurrent rejection of 1.5717 by price candle accompanied by another indicator rejection at CCI=100 then this could be trigger. SL would be placed above high of black candle last Friday of this a new high is created before the trigger appears.
The boundaries of current resistance/shadow zone are 1.5717 and 1.5618. Black candle last Friday is a price reaction or rejection to this zone.
Since today is up we have luxury to wait and see if another rejection in the daily chart. Window panel below shows CCI with period setting 14. CCI already touched and rejected 100. If there is a concurrent rejection of 1.5717 by price candle accompanied by another indicator rejection at CCI=100 then this could be trigger. SL would be placed above high of black candle last Friday of this a new high is created before the trigger appears.
Comment:
If in doubt use Heikin Ashi trigger based on change of colour. Before candle changes colour it is usually preceded by candles that narrow. This should give ample warning.
