Today we just take a quick look at the Trend/Wave/Exteme snapshot. WIth strong currencies reaching overbought levels no proper setups are found today.
Its been a good trading week where we saw
-Declines in EUR,GBP
-Strength in USD,AUD
Hence we saw in our previous week's posts opportunities to sell combinations of the above . Such as selling EURAUD,EURUSD,GBPUSD,GBPAUD.
After scanning the markets using Trend/Wave/Extreme system here is what we get.
- Strong downtrending pairs are in oversold regions
- Strong uptrending pairs are in overbought regions
It is difficult to find a trending pair that has retraced sufficiently from its trend.
Therefore a smart trader should know when it is time to stay out of the markets and this is what we are doing today.
Read about the Trend/Wave/Extreme system here