Most of the charts I’m looking at, from equities to JPY, CAD, AUD charts, are all going through retracements or consolidations across the board, so it could take a few days to a week for clarity to return.
I don’t foresee any changes to the monthly trends just yet, but many of the weekly charts are in phase 2 (retracement), and this is what is causing so much chaos on the daily.
There were some good setups last night, all of which reversed violently, indicating no trend, or safe trades on the daily charts just yet. From a technical perspective, this is just a long overdue retracement, since these charts have been trending so much since October.
Intraday traders may have good opportunities, for small-distance trades, when trading below the M60 timeframe, but only so long as the M120 (2 hour), and M240(4 hour) are in agreement!
Be careful out there this week! And it’s also NFP this Friday!!
My advice- stay out for this week- take a break. Come in for your coaching 🙂