PRICE ACTION AND HOW TO READ IT

PRICE ACTION AND HOW TO READ IT

Price Action is key here.Price Action helps to see the footprints in the sand which eventually leads to placing trades based on solid information.

Looking at the USDCHF & USDJPY charts, the trend is down (not as clean as I would have loved though) and the area of interest would be at the Resistance for potential shorts.

Price retraced hard from yesterday’s FOMC and produced a candle that has lies written all over it.

No wonder why the candle is called the PINBAR = Pinocchio Bar (The more the candle lies, the longer the nose gets)

This had a very long nose and the rest is history.

ADVICE: Wait for trades to come to you & not the other way round.

December 17, 2020

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