just updated that 4 hour chart..price is in a range and out of that upward channel.
the main supp area goes down as far as 1.0640,which got tested on wednesday..however,this is not the end of it,as there is another big supp directly underneath.we could get a fake down move
so the way round this is to wait for the pullback and see where it peaks.
however,we are still not in a confirmed downtrend.we have to wait for another breakdown to be able to draw a downtrend line.
box size is 35 pips
the biggest problem as i said is that there are alot of supp areas underneath...so the market can quite easily throw out a fake
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chart shows how intense the trend was in january/purple line
supp goes down to 1.0500 area
just updated that 4 hour chart..price is in a range and out of that upward channel.
the main supp area goes down as far as 1.0640,which got tested on wednesday..however,this is not the end of it,as there is another big supp directly underneath.we could get a fake down move
so the way round this is to wait for the pullback and see where it peaks.
however,we are still not in a confirmed downtrend.we have to wait for another breakdown to be able to draw a downtrend line.
box size is 35 pips
the biggest problem as i said is that there are alot of supp areas underneath...so the market can quite easily throw out a fake
ws...a channel break is not enough
the chart i posted on sunday had many internal trendlines
this usually means that support could be very strong and reaches over a wide area.that waqs the chart message
you will need to plot out the whole support area to make sure that there is a break
that is why i posted the chart last sunday.the chart message was that it was going to take a catastrophe to break the trend
just my opinion
anyway..it played out really well this week