GoNoGo Charts is "NoGo" on EURUSD
This is a 4hr GoNoGo chart of the EURUSD. We see a head and shoulders pattern that will be complete if it breaks below the neckline that is annotated on the chart.
As is typically the case in these patterns the GoNoGo Trend will start to become bearish toward the end of the pattern as the high at the right shoulder fails to eclipse the high of the head.
Likewise, positive momentum has dried up over the course of the consolidation and so we see the GoNoGo Oscillator breaking below zero just after the highest high of the move, and is currently finding resistance at the zero line. A break in the neckline to the downside would further confirm the down trend that was signaled by the GoNoGo Trend.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish)
The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely oversold) to +6 (extremely overbought)
As is typically the case in these patterns the GoNoGo Trend will start to become bearish toward the end of the pattern as the high at the right shoulder fails to eclipse the high of the head.
Likewise, positive momentum has dried up over the course of the consolidation and so we see the GoNoGo Oscillator breaking below zero just after the highest high of the move, and is currently finding resistance at the zero line. A break in the neckline to the downside would further confirm the down trend that was signaled by the GoNoGo Trend.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish)
The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely oversold) to +6 (extremely overbought)
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