Looking at the charts to kick off this trading week and noticed a bullish swing trade opportunity on the EURGBP while doing a weekly commentary video.
This setup looks ‘text-book perfect’ as old high now hold as new support. Price has demonstrated this by printing a bullish rejection candle after testing the swing level and rejecting lower prices from there.
Retracement entries are up for grabs after a gap down at the market open, but Monday price action is considered a little most unpredictable that the rest of the week – due to the weekend interruption.
If this bullish setup plays ball here, we could see this market push into new higher highs and extend the up-trending momentum. We can see the market is already dropping higher lows and higher highs were, which is a good sign.
Rafa
Hi Forex guy, I follow your website from about a month ago and your website is a good source of Price Action. I’m checking regularly to view new analysis of the charts. But i have a issue (with respect). I prefer the normal colors of the candles like before. For the traders like me that we don’t use the indicator is confusing the variety of colors in one single chart. Better if use the normal chart (like before) to your free analysis. Just a recommendation. Greetings from Ecuador. Good trading.
Replying to: Rafa
Dale WoodsAuthor
Sorry you don’t like it and I appreciate the feedback as it is important to me. You’re the only one who has disliked the indicator – is it just because you don’t understand the color themes. I tried to be straight forward with it. Blue theme – bullish environment, red theme – bearish environment, white & gray – neutral theme.