We have on our hands what looks like a very confused chart indeed
The price has hit the purple 4hr ema 3 times in the past 3 days and although both longer term and shorter term are still set up in the sell formation, maybe things are about to change.
There's been no consistency in either up nor down moves in the past few days and something big may be about to happen.
I'm bored with writing, you're bored with reading but that's just how trading goes sometimes. If there's nothing to trade then that's how it is. Sure there were a few ticks to be made yesterday both on the PP break up and then later on the way down but these runs were minimal and my preference is to do something else.
Volume has also been limited this week. It looks as if everybody is trading the Pound, which has moved over 350 ticks in a straight line since this time last week !
Still, a priceless lesson in patience is always good for the discipline side of trading.
So, today is for now all about waiting. We have the immediate term green ema looking like it wants to cross up through the red and blue. If that happens then the red could cross the blue and we would have just one obstacle, the purple 4hr ema to negotiate.
Its worth remembering though that the longer term trend is still down so it is time to exercise extreme caution.
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