Same consolation of price action happened last week (see yellow box), then what happened? Price Action went up.
Also, price action came down to Fib. Retracement of 0.786, see Green Arrow. This is a very good reversal area on any chart.
Price action on daily is at a major support area and Friday's candlestick made a very nice Pin bar candlestick (or nose), if next day is bullish (green).
I will be looking for bullish trades, starting out next week and possibly...the whole week.
On chart price action is pinned in between the 50 EMA (black) & 100 EMA (gold) at this time.
Understanding exactly what candlesticks are telling you, strong support/ resistance areas area, major trends are foundation of all trading.
FYI: Gold does opposite of DXY (or Dollar), so Gold will continue to be bullish, while dollar continues to be bearish. (Both can be put on same chart).
Wish everyone success in trading and life!!
Also, price action came down to Fib. Retracement of 0.786, see Green Arrow. This is a very good reversal area on any chart.
Price action on daily is at a major support area and Friday's candlestick made a very nice Pin bar candlestick (or nose), if next day is bullish (green).
I will be looking for bullish trades, starting out next week and possibly...the whole week.
On chart price action is pinned in between the 50 EMA (black) & 100 EMA (gold) at this time.
Understanding exactly what candlesticks are telling you, strong support/ resistance areas area, major trends are foundation of all trading.
FYI: Gold does opposite of DXY (or Dollar), so Gold will continue to be bullish, while dollar continues to be bearish. (Both can be put on same chart).
Wish everyone success in trading and life!!