That candlestick on the weekly time frame looks like a signal for a significant move north eventually.

mlawson71 wrote: Fri Dec 03, 2021 1:40 am That candlestick on the weekly time frame looks like a signal for a significant move north eventually.

On the weekly we have a downward trend and then a Pb.
The last weekly candle is higher than the one before. That means that the upward correction is still continuing.
Daily is in an upward channel.
As far as I can see there is no indication (as yet) that the downward trend on the weekly chart has been broken
a) higher high
b) higher low
Instead we have lower highs and lower lows = downtrend

At this point I'll just be happy if the consolidation ends next week.

mlawson71 wrote: Sat Dec 04, 2021 4:24 am At this point I'll just be happy if the consolidation ends next week.

As you can see on the Daily it is bound to end fairly soon - one way or the other.
As for Friday - if you used the daily TLs as entry points there were two very brief trades.
But as you tend to say: it's too late for that now.

Thanks for that analysis!
I prefer to wait for the end of the consolidation before I open a new position, I'm not too comfortable trading it when it's so undecided.

mlawson71 wrote: Tue Dec 07, 2021 2:11 am Thanks for that analysis!
I prefer to wait for the end of the consolidation before I open a new position, I'm not too comfortable trading it when it's so undecided.

Not for very much longer...

After ZEW report, saddened economic outlook fades the traders perception. Seems like the next strong support to be at lower than the first at 1.1232

RAS

Does anyone else think this consolidation may stretch into the holidays?