Market condition

Not so many high impacted news for today - it was JPY Current Account at 00:50 GMT and no any high imtacted news anymore for today:

Originally Posted by Simba

Hi Newdigital,

Nice to see your forum.Congratulations for going on your own,I am sure you will make it a success.

Allow me to write my 2 cents on EURUSD:

I expect it to reach 1.3104,at a minimum,before a resumption of the downmove.
Reasons:1-ABCD Projects 1.3104 ...2-Previous Resistance at 1.3106.
Additionally,there is a nice downchannel withresistance around these levels for the next few days.

That is true about price levels - just look at this image (that is already 1.3104):

This is intereting situation which may be related to market open on Monday:

Of course, market is bullish on USDJPY H4 and it may be just a correction (secondary trend). But it may be good to open sell trade in case you are trading on H4 or D1 and having big deposit size for example.

This is updated situation for right now - good breakdown:

There is choppy/ranging market condition for now so it is risky to trade in case we are using trend following systems for example:

This is interesting situation for XAUUSD

Are you still believe in gold?

Price for GBPUSD H4 came to inside Ichimoku cloud which is indicating ranging/choppy market condition/ This is the situation for right now:

About market condition for GBPUSD

.

H4/D1 timeframe for the next week. The price is inside Ichimoku cloud with bullish choppy market. But as we see from the image - the price is very near Senkou Span B line - one of the border of the cloud) which is the border berweek bullish and bearish market also.

Recommendation: buy orders - risky, sell orders - wait for GBPUSD to be crossed 1.5216, Senkou Span line (1.5171). If the price will cross support level 1.5019 on closed bar so we will have good breadown (good for sell trade). Besides, this 1.5019 may be good level for possble sell stop order for example.

This is interesting situation for GBPUSD now: Chinkou Span line crossed historical price on close bar for breakout but the price did not break resistance line yet (yellow color on my image). If you will open buy trade now so - first take profit level is 1.5286 and stop loss is around 1.5217

This is interesting situation for now on D1 charts for some pairs.

For example - GBPUSD D1:



As we see from the image - Chinkou Span line came very close to the price trying to cross it from above to below, and the price itself is trying to cross one of the border of Ichimoku cloud namely Sinkou Span B line (this line is the border between primary bearish and primary bullish).

I mean the following:

1. it is correction going on for now, and if the price will cross the border of the cloud on close bar so we may have ranging market condition. Bearish (trend will be reversed from bullish to bearish by this close bar) but ranging.
2. if Chinkou Span line (light blue line on the left side of the image) will cross the price on historical data so we may have good breakdown (good to open sell trade on any timeframe.
3. if the price will not cross the border of Ichimoku cloud so the correction will be stopped and we need to watch 1.5425 level to be crossed by price to open buy trade.