The situation with the British Pound looks interesting. The market is making higher lows and with the coming bullish seasonal period (starting this week) looking for longs is justified.
Applying the techniques from The Talking Chart book, we see that the BP was up for a pause after the 0N we saw on Wednesday. That pause started when Thursday's bar closed almost at the same level as a day before. The shape of 1xN suggested that the next day should go down.
Friday, however, presented us with something very interesting, EQ bar.
What is the meaning of this bar and how we can use it in the current situation:
Breaking Friday's or even better Thursday's high, on Monday should lead to an up move and eventual test of the unfilled gap on the previous top (06/10/2020)
There is not much else to mention as upcoming opportunities for the coming week.
EURO looks bullish also, but the British Pound is stronger.
Silver presented us with a small-range, inside, 1xN bar on Friday. That is a good setup for a short-term play. There is a good accumulation and longs should be proffered.
I am still bullish on S&P500 and will be looking to take longs there.
Founder of Piece of Trading
Trades mentioned here are either taken or will be taken by the author if the right conditions appear. They are NOT recommendations nor any of this constitute investment advice. Please read the Risk Disclaimer
Seasonal indicators courtesy of Larry Williams, ireallytrade.com. Charts made with TradeStation®. tradestation.com
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