Since September Flow Traders has been forming a classic Head and Shoulders patters. Today it clearly broke the neckline. Based on classic H&S guidelines for price targets, the current rally could at least send the price to 22 euro.
On a more fundamental side I think Flow Traders will profit from slightly higher volumes and wider spreads in markets they trade,...
Flow has found support at the 23.6 level. There is still an open gap between fibonacci level 50 and 78.6. Meanwhile, the MACD indicator is bullish. The SMA 10 and 20 have also crossed bullish.
Currently waiting uptrend confirmation. As soon as SMA10 is crossed and OBV keeps its vector upwards long postions can be taken. Expect confirmation in the 28-29 range. Looking forward to your feedback.
About Renko Charts
A Renko chart is a type of chart, developed by the Japanese, that is built using price movement rather than both price and standardized time...
Next Fibonacci level sits at 30.74, keeping in mind that traders stepped out 1% below the 0.618 resistance leven during the previous wave up, it might be smart to close the long already, if you are trading FLOW short term.
