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EURCAD - This is how to read this 230 pip story.

The Story:

  1. We have hit Support which also happens to be 50 Fib

  2. We have a Hard time to move down wave

  3. We have a Fast Fake Break Move down with high volumes at the end of the wave absorbing lots of orders

  4. An abnormal Speed Index of 52.5 , and that is another sign of Change in Behavior. There is no Speed Index like that on all the up moves.

  5. Push Up Wave absorbing all the sell orders and that is why price is not moving

  6. Finnally Plutus Long noting the entry.

Look at the waves after the story :Up waves larger than Down waves, therefore in which DIRECTION are you going to trade Long or Short?




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