TraderNeoh

Study the Logic Behind Price Patterns, Not by Memorizing!

Education
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Hi Traders, I won't be doing any particular market breakdown today as I don't see any great opportunity around. But here's some gems to share. In the previous few analysis, I've been talking about the potential failures on UJ everytime price attempt to break above 115. If you've not watched the previous UJ analysis OR in case if you couldn't find it, I'll link it down below for your convenience, make sure you watch it.

In my market breakdown videos, I often talk about continuation pattern. In yesterday's UJ breakdown, this was exactly what I was talking about, a continuation pattern. Price had a strong drive/ momentum into one direction (in this case bearish momentum), formed a tight consolidation giving us more information that sellers are attempting to squeeze price lower. This kind of flag-type pattern simply tells you how one side is bullying the opposition, eventually leads to further continuation into the initial direction.

For whatever instruments you're trading, it'd still fall back to Price Action. Understanding the psychology behind candlestick movement is what's going to make you profits, not by blindly memorizing strategies or patterns.

See you tomorrow for more breakdowns!

Trade safe and manage your risk!

Comment: Previous analysis


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