Who would dare buy the USD and sell the yen.
Monthly trend is down but price is at a large monthly DZ, not an area to be going short.
Price is also at weekly demand
then price gave evidence of over-extension with 3 continuation patterns in a row followed by the break of the MoM Trendline, leaving behind, a Demand zone
I would dare to buy the USD up to...
Monthly downside momentum broken
Price currently at price levels where counter trend longs are better probability
Need evidence of buying on smaller time frames first though. Also, profit potential for longs
capped by recently created monthly SZ above price
Monthly downtrend broken. Weekly in an uptrend, daily in an uptrend
Looking for long positions in Gold.
Supply needs to be removed first though, for long trades to set up with a good enough profit potential
MONTHLY TREND IS DOWN
PRICE HAS RALLIED IN MARCH INTO A MONTHLY RALLY BASE DROP SUPPLY ZONE
MOST APPROPRIATE ACTION(S):
EXIT ANY COUNTER TREND LONGS TAKEN FROM LOWER
BEGIN TO LOOK FOR SELLING OPPORTUNITIES ON
ENTRY TIME FRAME (DAILY CHART/4HR CHART)
IGNORE TREND CHART - BECAUSE FOR PRICE TO GET
TO MONTHLY SZ THE TREND MUST BE EITHER UP OR HIGH UP...
Starting as always with the monthly chart, (the highest time frame in my order of charts for position trades), the monthly downtrend was broken with the close of trading in March. So going by the strategy rules the monthly trend has gone into consolidation.
Therefore we are allowed to buy and sell.
To determine the most appropriate action to take of the 3...