Tendency: uptrend or downtrend?
EUR/USD: ranging bullish within narrow levels. The price is located to be above 200-day SMA and 200-day SMA for the primary bullish market condition with the ranging within 1.1453 resistance and 1.1304 support levels. If the price breaks 1.1453 resistance to above on close daily bar so the bullish trend will be continuing, if the price breaks 1.1304 support to below so we may see the secondary correction to be started up to 1.1063 bearish reversal level as the target. There are the ...
USD/CHF: bearish breakdown. Daily price is on bearish breakdown with 0.9571 key support level and descending triangle pattern to be broken to below. if the price breaks 1.0091 resistance so the price will be reversed to the bullish market condition;if the price breaks 0.9571 support level so the primary bearish will be continuing;if not so the price will be moved within the channel. ...
AUD/JPY: daily breakout with the possible bullish reversal. The pair is on primary bearish market condition located below Ichimoku cloud with the secondary rally to be started: price is on local uptrend for the breakout of the key resistance levels trying to cross 84.79 resistance to above on close daily bar for the breakout to be continuing. Chinkou Span line is located below the price indicating the breakout to be continuing by the direction, and Absolute Strength indicator is estimating the bullish ...
This article shows how price action and the monitoring of support and resistance levels can be used for well-timed market entry. It discusses a trading system that effectively combines the two for the determination of trade setups. Corresponding MQL4 code is explained that can be utilized in the EAs based on these trading concepts. More...
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