do when identifying market bias is to take a look at the last one to two weeks worth of price action on the daily chart to get an idea of what price has happened recently. Bias, lets stick with our unemployment rate example to keep forex management in Banken it simple. If the unemployment rate drops then the dollar could rise. Lets take a look at how a weekly pin bar can indicate a possible turning point in a market. A look at the daily chart reveals a selling opportunity in the form of a wedge breakout. Here we have a bullish pin bar that formed on the usdjpy daily chart after the market was able to hold a key level. Forex VPS Plans Forex VPS Optimized for Traders It's critical your expert advisors and trading robots perform their tasks without a hiccup. Now, obviously there is no way you can know for sure if the market bias you have for the upcoming trading week will remain relevant. Or if the news is as you expected and the unemployment rate rises, the dollar could drop (assuming the entire fundamental outlook on the dollar is already bearish).
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As price action traders, we tend to overlook the weekly time frame. . Remember that there are several fundamental factors that play into an economys strength or weakness. If you end up deciding that the market is very indecisive right now then you may elect to take a neutral bias for the upcoming week, which leads me into my next point. Which is a good thing since that means more people now have jobs. If you dont understand what effect it can have on particular currencies, then you might get caught up in some bad setups. One of two things could happen at this point. Presidential elections so they kept shorting the pair, ignoring oversold signals, and even upside breakouts from key resistance levels. Having a bias means you believe that a particular kind of behavior is more likely to occur than other alternatives. Based on the average daily trading ranges for the major.