2014/05/09 (Friday) Price Action Overview GBPUSD
With the trend still intact a bounce from near 21 day ema may create more opportunity to take a long.
However we must be aware of a very neat pin bar now formed for this week that may encourage more movement below the 8-21 ema areas.
Be mindful of potential downside early next week.
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On Monday close I will be looking for an inside bar to consolidate the movement from the last three days.
I will generally still be looking to go long, but that signal will not come until very minimum Tuesday close inside the 8 and 21 ema area or just above.
An inside bullish bar on Monday may signal further downward movement and it would trigger exits for existing positions but it will not be a signal for a trade until lower highs are made in the week following.
However we must be aware of a very neat pin bar now formed for this week that may encourage more movement below the 8-21 ema areas.
Be mindful of potential downside early next week.
==============================================================
On Monday close I will be looking for an inside bar to consolidate the movement from the last three days.
I will generally still be looking to go long, but that signal will not come until very minimum Tuesday close inside the 8 and 21 ema area or just above.
An inside bullish bar on Monday may signal further downward movement and it would trigger exits for existing positions but it will not be a signal for a trade until lower highs are made in the week following.