Direct from the desk of Dane Williams.
Just starting the day by flicking through my MT4 watchlist to search for some new trade opportunities and boy, is there a lot happening!
I've had my tunnel vision goggles on this last week or so focusing my attention away from forex markets and it looks like I've missed a few market turns at key higher time frame support/resistance zones.
One such zone we had been watching was EUR/JPY approaching support on the daily chart.
Take a look at where price is sitting today.
EUR/JPY Daily:
You can see price has gone through support and this time retested it as resistance.
Now it's printed a couple of daily bearish candles, it looks like the bears have taken control and I'd now rather be playing from the short side as a result.
Zoom into your intraday charts and find obvious areas of short term support turned resistance to get short off.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.