Is this the beginning of the $ pull-back I have been expecting before it shoots off skywards or is it the beginning of the turn back into the “old trend”..?

Is this the beginning of the $ pull-back I have been expecting before it shoots off skywards or is it the beginning of the turn back into the “old trend”..?

Is this the beginning of the $ pull-back I have been expecting before it shoots off skywards or is it the beginning of the turn back into the “old trend”..?  It’s now underneath that big Fib level I mentioned a few days back and having formed a fairly significant “shooting star” candlestick  pattern yesterday some might say this is the turn so obviously the next few days are pretty important.

However, I am not convinced that this is going back into the old trend at all.
This is exactly what I expected and its been coming a little while as you will know if you read my blogs regularly.  Frankly I am glad it’s here, now we can get on with it (ha-ha). Obviously my trading directions have been temporarily stalled by the overnight move but I am not going to change them especially as it comes after a day of European holidays.  It just means less trading until things get in line with, or I have to change it.

And let’s not be scared of doing that – Heard of Trade Winds..?
We set our sales to catch them so as we continue going forward.

Remember this.
You don’t have to be in it to win it – patience is key to our success.
I am sure I can find many other things to do until the time is right.

Therefore today, and possibly the rest of the week, it’s likely to be a waiting game before either the recent up-trend becomes very real or the down-trend gets a grip on things again. Note that to change a trend of this magnitude will not happen overnight and markets could be extremely choppy and frustrating.
This could take weeks or even months to confirm.

Clive

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Categories: Guest Writers, News, Viewpoint

About Author

Clive Arneil

Clive Arneil worked for major brokers for over 20 years trading most instruments in the Foreign Exchange markets as well as Derivatives. Brokered deals on behalf of some of the worlds largest banks including Barclays, Citibank, UBS, Nat West and the Bank of England. Worked mainly in the UK but also in Switzerland, Germany and the U.S. Retired from the Money Market at the age of 40 and worked as a financial data feed specialist supplying market data to Banks, Brokers and Spread-Betting companies. Still trading and teaching people the skills required to master today’s volatile markets.