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AUDUSD 4 HOIR CHART – MODEST RETRACEMENT
2 RED aT LINES DRAWN OFF THE LOW SIGNALED A CGNAGE IN DIRECTIONAL RISK AND THIS WAS FOLLOWED BY A MODEST RETRACEMENT.
kEY LEVELS ARE AT .6388 AND .6493
WHAT AT SAYS:
FOR,6456 TO BECOME THE KEY RESISTANCE LEVEL, THERE WOULD NEED TO BE A KEY LOW.
TO SUGGEST A BIGGER RETRACMENT.A THIRD AT RED LINE WOULD NEED TO BE FORMED FOLLOWED BY A .6456 BREAK.
BOTTOM LINE, THE TREND IS STILL YOUR FRIEND UNLESS .6456 IS BROKEN.
EURUSD 30 MINUTE CHART – HOW I LOOK AT THIS CHART
The lines on my charts are drawn automatically in real-time using the Amazing Trader charting algo
On this chart, the three descending blue (ladder) lines indicate risk to the downside.
The strategy says if putting on a trade, sell with a stop above the most recent blue ladder line that preceded a new low.
Risk stays on the downside as long as the most recent nue line that preceded a new low stays intact.
Vice versa for red lines when risk is on the upside.
US500 4 HOUR CHART -Make or break time for the S&P
Falling blue AT lines indicate momentum continues to build to the downside as equities in general remain under pressure as the reality of a Fed on hold sinks in.
The key focus for all equities is on the S&P 5000 level… it is probably more important than any technical level at this stage.
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