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Market ClarityEURUSD - LONG If you take a step back and look at any currency pair on a greater timeframe you will have clarity on the overall market direction, and be able to identify key points of support/resistance based on historical price action, which logically are more respected as the volatility of the market is lesser. Once you have identified these areas, proceed into the smaller timeframes like the Daily & 240 minute charts and dissect them further. Start to create a trading plan that confluences with historical price action and be confident that you are entering a trade with overall market clarity and confidence because in longevity, you will not beat the trend.
Long
by HektorMorgan
Some basic observations on the S&P 500At Friday's close, the S&P 500 was within kissing distance of it's ATH. The bounce from the 10% "correction" was so steep and sudden that I'm not sure if we can actually classify it as a correction. The Stoch RSI looks ready to plunge, the MACD looks like it's getting ready to follow suite, but not quite there yet. The RSI is confusing as it looks like it might be breaking out from its bearish trend. Trading at the top of its Bollinger band as well, which doesn't tend to happen for long. Looking at much more advanced chartists here consulting things like historical trend lines and %>200MA of the S&P 500's constituent companies reinforces my view that there is more blood to come. It looks like we've had some aneurysms and I'm pretty sure the artery is about to burst. My only uncertainty is on account of how sudden and convincing this bounce back has been. Let's see how next week plays out.
SP:SPXShort
by K155MY4R53
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