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An indecisive Chart

Profile photo of Nuno Lampreia – Forex.Today by Nuno Lampreia – Forex.Today
2015-09-22_19-14-23euraud2 forex.today

2015-09-22_19-14-23euraud2 forex.today

Let us have a look at this chart.

This euraud 5 min chart does tell us one thing: to stay away.

Please note that price is over the 200 day moving average so you should be bullish as long price stays over it.

But note also how erratic the candles are with upper and lower shadows.

There are no nice swings to be seen no clear retracements where to put ones stop loss.

Therefore I would recommend the first thing a trader should do is to scan a few charts and to choose the one with clear price moves.

Your trading will become much simpler like this.

Best of PIPS

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