Yesterday morning I posted an idea concerning the bullish shark pattern and there was few errors on the pattern. I didn't thoroughly calculated the parameters which are really important for the accuracy of the pattern. Normally a shark pattern has to comply certain measurements for it to be valid. These parameters are 113,161.8, 88.6, and 224% respectively. The market has been consolidating ever since, late bears were fooled because it did broke out the support level but bulls are still in control.
This week the dollar has been very weak. It's time for redemption for US dollar. Or in another words time for bears to take their profit before another move down. Also for those bears who are eager to get in the market are waiting for the market to find its resistant level
Now to back this up, I have two indicators that support my ideas. As you can see from the graph, the macd has barely crossed each other so i would expect more consolidation until the next economic event to move the market to our target. The rsi hasn't crossed the 30% level so I would expect to retrace back to 50%.
Good luck
happy trading :)
This week the dollar has been very weak. It's time for redemption for US dollar. Or in another words time for bears to take their profit before another move down. Also for those bears who are eager to get in the market are waiting for the market to find its resistant level
Now to back this up, I have two indicators that support my ideas. As you can see from the graph, the macd has barely crossed each other so i would expect more consolidation until the next economic event to move the market to our target. The rsi hasn't crossed the 30% level so I would expect to retrace back to 50%.
Good luck
happy trading :)
