Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
Hi Sive,
Nice analysis as usual. Thanks a lot, Sir.
I just made a couple of observations lately regarding price gap (difference from previous close and current bar open exactly) especially on M5/M1 and found that normally market (EURUSD) do not leave the gap too long to fill. Still I'm afraid to declare this is very true but the results from my poor observation tell me that it is not a bad idea to consider it whenever we got some uncertainty in price direction. If we look back on M1 TF we can see that price do not fill yet 1.2495 around 6.14 am on 31st August 2012. I know gap is not necessarily be closed on short time period, but based on my previous observations, the probability is quite high to see retracement could be true at least to 1.2495-1.2400 area. So, I absolutely agree with you about this retracement. After that, anything could happen.
Another thing that in my opinion should be take care is MACD bearish divergence on daily TF and it happen around resistance/confluence area. For me normally price will going south but as always, who am I to say definitely. Hope you can comment a little bit, Sir.
Have a good weekend, Sir.
Thanks and Best Regards.
Rashidin
Hi Rashidin,
It's difficult for me to comment this, since I do not trade on so short-term frames. But if you have such observation, you could be right.
None of us could say definitely, as you mentioned correctly. So, we know levels to watch - probably it will be neccesary to monitor a bit first in the Monday beginning.