Our webinar recorded the day after heaving euro selling when it was a case of either searching out a reversal opportunity or looking to re-enter the primary trend lower on the best pair. There was a potential reversal on the eurodollar once the USD pulled back but it was the Eur/aud which offered a continuation of trend opportunity driven in part by strong buying of the Aussie on positive market sentiment. Our Quantum Currency Matrix confirmed Aussie strength with Aud/jpy at the head of the leader board while Eur/Aud at the bottom.
Entering an existing move can be tricky but it’s a lot easier if you understand primary & secondary trends and use volume price analysis to establish whether a pullback is simply that or the first sign of a reversal. Looking at significant support & resistance levels in multiple time frames will help & on this occasion, the Renko chart is invaluable in confirming the trend.
All the indicators are my own & available from www.quantumtrading.com
By Anna Coulling
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