Market Update: Final Remark on NY Closing Session
In yesterday’s post, we analyzed 3 pairs that could be headed to take a hit: USD/CHF, EUR/GBP, EUR/JPY. However, both EUR/GBP and EUR/JPY dried up on volumes, and they didn’t reach the target levels. The confirmation as a break of a low volume bar / SR level is especially important when the background is neutral/adverse.
In USD/CHF, we were looking for a possible LONG position reaching the trendline/support at 0.969.
In the chart we can see that there were low volumes near the support, giving a confirmation for a LONG trade during the London session. And why? This is because there is plenty of buying at this level, so any low volume bar is showing lack of supply in a critical zone.
Andrii Mazur (@andrii_mazur) said:
D1-mark.down and low volume test of 2016’s accumulation zone H4-mark.down. H1-accumulation Entry 0.9690 -9730 SL 9660 TP 0.9975 reward/risk=8 to 1 http://i.imgur.com/LyUxI5K.png