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I mentioned this one yesterday and now here’s a chart for perusal.

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Everything went fine with this trade for participants. Price action reversed in the area mentioned and as expected, and I know some members got some very nice pips off the Bearish Engulf turn (4H). I will be looking at this again once we get the NFP out of the way.

The price action is still retracing and we can look for a possible Read more…

Here’s the result of the previous post. Dark Cloud Cover on the 4H gave a good reversal signal

Today at 4.30 pm New Zealand Time we have the RBA rate decision. A 25 bps rate rise is said to have a 70% chance of happening, but we will have to wait for a few hours to confirm.

Currently the price is pushing up against a Chikou  resistance point circa Read more…

Patterns emerged overnight while the office was closed and Purple Trace followers should be set now. We took a very small trade, because I’m never too keen in holding large positions over the weekend – all sorts of things can happen.

I’m expecting to see some reaction on the

Read more…

Australian employment numbers came out high at 35.2% (estimate was 10.2%) -  how can they get it so wrong.  That gave s a surge in the price, and the action followed the purple trace and even hit the dotted blue at .9292. (High .9293 so far). Now we have to wait to see how it follow on, and if you are still long on the purple trace perhaps hang on for a reversal pattern

Updated chart below. No lines have been moved from yesterday.

Read more…