From the chart we can see price was very bearish last week finishing with a big 60 pips bearish candle on Friday so the bears are fully in control, But we can also see a lovely daily trend line that price is been pushed down towards and when price touches this trend line it will be the 3rd touch, and if you follow us you will know what this means ;p
Now there will be low volatility in the markets over the festive season ( this means we wont get much movement ) This is because the market makers like the banks and the big players are not trading, so we might just see this pairing consolidate ( move sideways ) until the big boys come back into the markets after they have come back from a trip away on there yacht with a 20 year old blonde bimbo gold digging mistress.
Now the market moving sideways could help this trade hit our Yellow box which is where we are expecting price to touch our trend line and bounce with bulls pushing price higher so we will be watching this pairing very closely this festive season ( in between munching on Turkey and sipping on whiskey ) As with any pairing we look out for the 3rd touch of a high time frame and this is the perfect example.
So we could see price push down 30-50 pips before going long.
So HO HO HO and MERRY CHRISTMAS, hope you all have a good one.
Now there will be low volatility in the markets over the festive season ( this means we wont get much movement ) This is because the market makers like the banks and the big players are not trading, so we might just see this pairing consolidate ( move sideways ) until the big boys come back into the markets after they have come back from a trip away on there yacht with a 20 year old blonde bimbo gold digging mistress.
Now the market moving sideways could help this trade hit our Yellow box which is where we are expecting price to touch our trend line and bounce with bulls pushing price higher so we will be watching this pairing very closely this festive season ( in between munching on Turkey and sipping on whiskey ) As with any pairing we look out for the 3rd touch of a high time frame and this is the perfect example.
So we could see price push down 30-50 pips before going long.
So HO HO HO and MERRY CHRISTMAS, hope you all have a good one.