The bulls managed to pull a weak hammer pattern in the last two days of the week. By weak I mean that if the head of the hammer would have been green it would be more likely to be a bull sign, but it is still bullish so we’ll just have to see if there is a followup next week. On the other hand, as I keep writing in my posts I don’t see any sign on my indicators for a reversal so I think this is just a temporary bounce. I could certainly be wrong, but if I am right I think the bounce is limited to 2-3 more points before a turn around.
From a trade point of view the system stayed on the sidelines this week, although it came very close (one pips) to entering a short trade yesterday. It is currently signaling a short trade. You can see the exact values for the trade here.
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