Hi Traders, I have Included some charts with my view on the cable prior to NFP, Today was a news driven market on alot of the pairs, you can see on the cable 4Hr Price came down to .9715, touched the 144-169 green/blue emas, and the lower light blue 55 Keltne channel lower band, those are usually great areas of support when you have that type of crossing and price stalls.
As you can see it was an abrupt move, stochastics was much to slow on the 4hr, but CCI did a pretty good job of keeping up and went into extreme over sold areas. Now you could wait for CCI to go from -381 back up to - 100 for an entry but for my appetite it’s to risky, we did have 1 4 hr bar on the buy/sell indicator suggest weakness if forth coming.
Price sliced right through a 2/8 4hr Murrey math line which is a significant level, as it did not close below, that was the power of this move.Ã‚Â Lets see if we can get more info!
Ã‚Â Looking that the 15 min and H1 charts, we can clearly see price has reached the lower Grid on the murrey math scale, both are showing -2/8 right where price on the 4hr has spiked to. It’s look good for a long!
Notice on the 15 min @ .9715 how all the oscillators were over sold, the 15 min sell preasure begins to deminish, we have a fractal signifing a change in direction, price is out side the bolded green Keltner ATR channel, and through the green dotted bands on the 15 min, out secondary support levels.
We are completely over sold!
What do we see on the 1hr…An over sold CCI reading like all the other time frames .9714 went through the bolded green KeltnerATR channel and found support at the dotted green bands the last one caught it, better know as minus F-3.
The red bar sell preasure decreases, forms a stochastics 5-3-3 divergence, and blows through the roof up to a solid murrey math resistance area of 6/8 both on the 15 min and H1, price penetrated the bolded red 15 Min Keltner ATR and the final red dotted plus F3 band.
Ã‚Â The 1HR bolded red Keltner channel was to much for price to pennetrate, now I do F.E./F.P./F.R. to add even more to the strength of this area, notice our oscillators is a correction coming?
They sure seem over bought to me!
the one Hr Green Buy preasure bar is weakening,Ã‚Â we have selling coming in on the 15 min red buy preasure, as of this typing a fractal has appeard it is pushin gback up to do a B correction.
If I pull a F.P. to determine wave C, assuming this wave B pulls back 100% it projects 261.8 @.9836 which is a 2/8 murrey level significan area, also it’s a 61.8 from the previous low of the .9775 area.
So, if you are looking to get in ahead of the pack for NFP, watch this area closely @ .9836
Hope you get some!