Weekly Range Break DownHello Traders!
This video explains how these markets move on a week to week basis and day to day basis.
SUNDAY OPENING PRICE is something every trader should keep on their charts.
It will help fine tune which side of the market you should be on when bullish or bearish.
I give 4 examples, 2 bullish and 2 bearish. All example shown are also from the same trading week.
The Dollar is sessionally bullish in November that alone should signal to a trader that other currencies are most likely bearish for November. Do your due diligence look up your sessionally tendencies for each forex currency.
Key take ways:
Sunday opening price is where the algorithm is making its new overbought and oversold levels.
Anything above the S.O.P line is Premium. Premium is also known as overbought.
Anything below the S.O.P line is Discount. Discount is also known as oversold.
If you are bullish you are looking to buy below S.O.P
if you are bearish you are looking to sell above S.O.P
The fake move above or below SOP is referred too as the Judas Swing, which I learned from ICT.
