SGD continues down

Good Evening Dynamic Traders

Welcome back Bijal - nice to have you with us again. Hope you're all capturing good profits from the markets so far this week and managing your trades well.

I wanted to go back to the Singapore Dollar, which I mentioned on 22 Sept. At that time we saw price tag a support cluster and bounce up slightly. The bearish engulfing candle produced didn't give us the move south we were looking for to trade with the trend. Since then we have seen price oscillate, which after a healthy move down is no surprise.













Today's price action has given us a BOB of the range/recent low. However you will also notice that price is bang on a RN, so what will it do now? We know the trend is in our favour and indicators are bearish, but there is always a possibility of a FBO. So if entering do ensure ESLT is used and if already in this trade be prepared for a possible bounce up should this be a FBO and manage the trade appropriately.

As always please carry out your own analysis. Check your strategy and rules and very importantly take conflict free action.

Great trading to you all!

Sonia Molina