This is my first post for Indian Stocks, if you like the following then give feedback and I will do more.
So to the analysis. What I am seeing is price trying to retrace to that strong demand zone lower. Now it looks like we created an inverse head and shoulders after failing to retrace fully to demand (which is normal).
From todays perspective it appears as...
NY session is underway. Keep an eye on GBPUSD and the area of interest. Remember to spot an entry signal that works for you. Don't just enter when the price simply hits the price.
any questions, please leave a comment
Price is at the 50 level of the last major fib retracement. There is structural resistance at this area. Price has formed a bearish bar out side the trend line. Price should continue downwards. Divergence is evidence.
The reason for this trade i beleive the current Rally in oil we are seeing today is due to API numbers telling us there is a drawdown in oil this week in the US, which is significant news as oil supply is at record high, this will cause the US markets to rally as they have a large amount of oil companies on the exchange, in turn that strenghtens the dollar against...