GoNoGo Charts: EUR testing resistance after strong push
The GoNoGo Squeeze was created to show shrinking *volatility. Analysts often expect a directional move to come after such a squeeze.
The chart above is the daily GoNoGo Squeeze chart of the EURUSD pair. We saw a period of reduced *volatility highlighted by the extended climbing grid of the Squeeze indicator (I have underlined this with a yellow line). The GoNoGo Oscillator was able to break out of the Squeeze into positive territory (small grey arrow) and that sent price higher, back to test the prior high from the beginning of the consolidation (white *trend lines).
The trend is a “Go”, but we’d like to see the resistance overcome so that price can continue higher.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
The chart above is the daily GoNoGo Squeeze chart of the EURUSD pair. We saw a period of reduced *volatility highlighted by the extended climbing grid of the Squeeze indicator (I have underlined this with a yellow line). The GoNoGo Oscillator was able to break out of the Squeeze into positive territory (small grey arrow) and that sent price higher, back to test the prior high from the beginning of the consolidation (white *trend lines).
The trend is a “Go”, but we’d like to see the resistance overcome so that price can continue higher.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
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