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Confirming the move PDF Print E-mail
Wednesday, 10 December 2008 15:32

In just about everything I write, I make sure to mention that there are now single indicators that will tell you which way the market will go. I usually make the statement, “confirm the direction or trade with something else”.  Anyway, I want to go over a great case in point today.


In yesterday’s email I wrote the following about the EUR/USD pair.


“A hanging man formed at the top of a triangle and a test of the bottom may be in the works. I would expect a day of sideways movement with a slight upward bias before the move down comes.”


I made the two part statement based on the following two items.


     1.    The daily candlestick formed a hanging man. Usually a bearish sign.

     2.    Directional Expectation numbers pointed to an up day overall.


Had I traded the Hanging man alone, I would be 85 points underwater right now. So with a devil on one shoulder and an angel on the other how do you know where to go? The answer is simple, go to a shorter time frame, and take your trades based on the directional bias of one of the longer signals. Just know the numbers behind your move.

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