About meI love T/A and am working towards mastering the art of identifying trends and turning points to excel in my trading life.
Currently still working Full time so trading and charting is secondary for me at the moment.
one day i hope to make it full time
With the RBA pumping more cash into the system (as with the rest of the world) and the USA finally moving on from a dramatic election/change of government, its interesting to see this charts starting to look more n more bearish - IMO
A: crossing of 50MA below the 200 MA's, and price action firmly below all 3 MAs - Bearish sign
B: 0.76 S+R & Fib-1 76%...
as of the 6th/oct upward momentum has started to build across most time frames
4h chart is showing PA crossing both the 50 amd 200 MA/EMA, with the MAs also swinging up and crossing to the Upside.
Price seems to be following the new upward trend line which is a mirror of the recent downtreand.
RSI is in over bought for now, so we should get a pull back to around...
On we go with the long term trend
Price action has been a bit messy so ive pulled Fib levels from a couple of different areas and its amazing how price has been around them.
Modified Shif is in there as a rough trend guide but I think that major Red Trend line is still in play,
Nice but of indecision yesterday at around 106.30
don't forget Earnings coming up!!!...
Testing the 76.4 Fib Line
Recent Break Back through the Bottom channel into the top
Expect to test the Mid line of the Channel again soon. Probably tuesday
Upcoming News expectations will be affecting Pricing.
Should be testing $100 mark within the next week or two.