AUDJPY Channel&Triangular Expansion, April 14, 2017, Friday
Observation:
Price moves inside an upward channel.
Price broke though consolidation stage at April 4, 2017.
Market now decides whether to break the channel or respect it's dynamic support.
Dynamic support is made from candle wicks and not from body of candle
No sign of bulls.
Analysis:
Dynamic Support is weak because it was constructed by wicks of the candle, not by the body.
Dynamic Support constructed by body has already broken.
High probability of a price drop.
Conclusion:
High probability for a SHORT.
The price now is the position where market decides whether to go for a drop or to follow the channel.
Price moves inside an upward channel.
Price broke though consolidation stage at April 4, 2017.
Market now decides whether to break the channel or respect it's dynamic support.
Dynamic support is made from candle wicks and not from body of candle
No sign of bulls.
Analysis:
Dynamic Support is weak because it was constructed by wicks of the candle, not by the body.
Dynamic Support constructed by body has already broken.
High probability of a price drop.
Conclusion:
High probability for a SHORT.
The price now is the position where market decides whether to go for a drop or to follow the channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.