Not too much on the radar this morning, but there are a few Trend Continuation Opportunities that interest me, one being here on the GBPAUD.
This opportunity not only features a pullback into our previous outside return, but Hidden Divergence on the RSI which is a positive sign when looking for a continuation.
Hi! is this a valid cypher in 30 minutes GBPAUD? That supports your view as bearish.
leeward31
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This is correct thank you
Akil_Stokes
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That is not a valid cypher. Please see my other comment for why\
leeward31
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thank for the comment .....where does one get a cypher pattern tool?
Akil_Stokes
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It's under the same toolkit as the "pattern tool"
Akil_Stokes
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No that is not a valid cypher. The "C" leg is too shallow. When measuring them out I recommend using the fibonacci extension tool instead of the pattern trading tool. Or if you want to use it, use the "cypher pattern" tool
rangika_ailapperuma
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Thank you very much,
Akil_Stokes
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No problem
crichar1
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Hi Akil,
I was hoping that you could help me with a question that I have. How can you determine from the chart whether a bearish candlestick is formed primarily due to short-selling or from closing out long positions? For example, the red candlestick in the above chart on October 19, 2016 at 11:00:00 (or any red candlestick for that matter), is there a way to tell if this price drop was caused by short sellers rather than people closing long positions. Thank you so much!
Akil_Stokes
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Not that I'm aware of. The candelsticks will show us buying and selling pressure, but "what type of orders" is something that we just have to guess at in the forex market. Again, that's my thoughts, there may be someone else that can provide you with a better answer