EURCHF and the purple balloons story
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I like to think the 21EMA is a good indicator of price action and when used together with candle stick, it is powerful.
Look at the 8 purple balloons that I have circled. Notice each succeeding upmove is evidenced by a bullish engulfing pattern, i.e.. 1-2 green candles closing higher than the previous red candles. Sometimes, it is obvious, others less conspicuous. Nevertheless, like a caterpillar, it follows the trail of the 21EMA rather than taking on a straight linear path like the black line.
Would there be a 9th purple balloon or will it break down? We shall see
Look at the 8 purple balloons that I have circled. Notice each succeeding upmove is evidenced by a bullish engulfing pattern, i.e.. 1-2 green candles closing higher than the previous red candles. Sometimes, it is obvious, others less conspicuous. Nevertheless, like a caterpillar, it follows the trail of the 21EMA rather than taking on a straight linear path like the black line.
Would there be a 9th purple balloon or will it break down? We shall see
Komen
A doji pattern has emerged, meaning there is indecision between the bulls and bear. So we wait for them to settle amongst themselves ,no need to hurry.Komen
We learnt our lessons in the past. If we let the red candle that touches the black line as indication for sell, then we would be prematurely selling and suffer a loss. Instead, by waiting patiently for 2 more days, we can see the 2 green candles, giving us further evidence that it has now closed above the previous red candle.Good luck to all
Komen
nice one. but notice the triple top pattern it formed now? reduce your position, take some profit and adjust your SLcongrats
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