Update on EURUSD Hourly Using Volume Trend Analysis
Here is a quick update to the setups using our Volume Trend Advisor that shows the recent moves indicated by our system since the last update. The last updates are indicated via a triangle on the chart and you can see those updates by clicking on them.
It has a been a bit choppy and we had a gap on the new trading week open (Prior to that the indication was weakness so perfect exit and entry from previous long).
The last reading was strength quite a while ago and we are at a stall point here. 1.1620 area which is why we have the neutral rating even though we are long from last strength. We are somewhat neutral unless we can break this area to the upside or another indication comes in. The target on a break is 1.1630 area and after that the 1.1650 area (These are also stall points using Volume Analysis and simple price analysis) These targets are identified using simple price action combined with volume analysis and will likely make it into a module of their own in the future.
The Volume Trend Advisor (The red and green indications on my chart) indicates in real-time and cannot repaint as it uses closed price and volume analysis to determine likely changes in direction/trend. The Green icon = Strength and the Red icon = Weakness. If you have any questions regarding this fairly simple and accurate method of volume analysis, please contact us directly via PM here or via our website.
Please Note: The last updates (If any are referenced )are indicated via a triangle on the chart and you can see those updates by clicking on them.
It has a been a bit choppy and we had a gap on the new trading week open (Prior to that the indication was weakness so perfect exit and entry from previous long).
The last reading was strength quite a while ago and we are at a stall point here. 1.1620 area which is why we have the neutral rating even though we are long from last strength. We are somewhat neutral unless we can break this area to the upside or another indication comes in. The target on a break is 1.1630 area and after that the 1.1650 area (These are also stall points using Volume Analysis and simple price analysis) These targets are identified using simple price action combined with volume analysis and will likely make it into a module of their own in the future.
The Volume Trend Advisor (The red and green indications on my chart) indicates in real-time and cannot repaint as it uses closed price and volume analysis to determine likely changes in direction/trend. The Green icon = Strength and the Red icon = Weakness. If you have any questions regarding this fairly simple and accurate method of volume analysis, please contact us directly via PM here or via our website.
Please Note: The last updates (If any are referenced )are indicated via a triangle on the chart and you can see those updates by clicking on them.
Comment:
Initial target area of 1.1630 mentioned in the original message hit and as expected, became a stall point. We are still technically strong based on the Volume Trend Analysis indication some time ago (Green Square) and the next target if we break this area is 1.1650 (Also mentioned in original idea)