I thought I would publish a new chart with some extra lines. I am still hopeful that the path is in play. Momentum is still quite positive despite being below the 14MA. Volatility today was twice that of yesterday but the days movement in price was fairly equal. Therefore a conundrum. The temptation is to short but if in doubt, stay out. There will be other more certain opportunities in the future. I will sit and watch and learn.
Comment:
The path didn't quite go according to plan and as such, I did not enter a sell trade. The B wave didn't go as high as I envisaged and the momentum indicator did not give away any clues that the "hang-man" or "hammer" candle stick at the close on Friday 24th was the best entry point. I will continue to watch this pair as usual.