Hello ,
With Fridays bearish candle close , we find ourselves again on retest of bottom line of Channel with strong bearish candle . what would be scenario next. will it break below or bounce back with stronger Bullish candle ??
We can clearly see that there is huge bearish pressure technically , but some times on friday evening when market is closing , many traders are closing position which sometimes result in strong bearish or bullish candles which doesnot always represent market sentiments, hence we always wait for Monday close to understand what price direction pair may be taking for coming week,
As price is clearly at very important level , we would be waiting for candle close and look to Long or Buy accordingly on tuesday UK open, Patience is key to success in forex , don't try to catch falling knife , wait for pair to confirm a price which we can use as stop loss hence finalising your risk first before thinking about potential rewards,
With Fridays bearish candle close , we find ourselves again on retest of bottom line of Channel with strong bearish candle . what would be scenario next. will it break below or bounce back with stronger Bullish candle ??
We can clearly see that there is huge bearish pressure technically , but some times on friday evening when market is closing , many traders are closing position which sometimes result in strong bearish or bullish candles which doesnot always represent market sentiments, hence we always wait for Monday close to understand what price direction pair may be taking for coming week,
As price is clearly at very important level , we would be waiting for candle close and look to Long or Buy accordingly on tuesday UK open, Patience is key to success in forex , don't try to catch falling knife , wait for pair to confirm a price which we can use as stop loss hence finalising your risk first before thinking about potential rewards,
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.