So we have 2 hours until the new monthly candle forms.
Principle would say that the red vector candle is aligned to be recovered. At least 50%…
But what do we need to be aware of?
The open of last month is very important.
Which sits at the 19938…it’s not the price we need to be aware of it’s what happened at that point.
We would assume that is where support would be triggered to entice traders to step in and start putting liquidity.
Now consider the following scenario.
News announcements this week have seen good and bad news for dollar.
If the new monthly candle opens successfully above the open of last month. Then we may see a relief move up during the Asian session. But this could be a stop hunt that may last a few hours. Remember, time your trades…
Let’s see what happens closer to the time.
Mad love
T
