There has been no change on this since then and price has continued to side wind between those levels of .
Price is our, and must also be your, primary indicator. We can clearly see that the USDSGD is in consolidation looking at price alone and when you should be standing aside. The EURUSD and the GBPUSD continue to remain range bound too and also require breakouts.
Where many go wrong is using lagging indicators such as or to try and predict what price will do next. It is a false economy. Price is best placed to dictate what to do next rather than using a lagging indicator to predict.
A good tool to CONFIRM that price is in consolidation is the daily 50SMA. When in a trend, we want to see the moving average following price and angling up or down depending on the trend direction. Looking at the , we can that the 50SMA is going sideways conforming price is in consolidation.
As price is trading below the daily 200SMA and the daily 50SMA, our bias is still very much . We are already short on this currency from the start of the year and now waiting for a break and close below 1.3000 support to suggest a continuation of the bear trend.
This is when we will look to add compounds as price weakens further towards 1.2000.
Remember, to be a trader, you do not need to be executing traders every single day. That is what your broker wants and will encourage you to do. Instead, trade when trends are in play and stand aside when not. The best timeframes to establish trends are the monthly, weekly and daily.
Patience, a feature for both FX and stocks, very much needed for now.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!