The higher timeframes are at ATRs on the daily chart with the weekly charts being oversold. This makes trading the lower timeframes harder because spikes often occur. Of course, there is also a trade war going on and the G7 summit tomorrow, as well as the FOMC rate announcement next week.
Higher Timeframes at ATRs on Daily with Weekly Oversold
Typically, the best trade setups will occur when all timeframes are aligned. However, that doesn’t occur often. Today, the daily charts are at the ATRs, which are above price indicating price may go down, while the weekly charts are already oversold. This, in combination with current event, will often create market spikes on the lower timeframes.
In this video, Gail Mercer, founder of TradersHelpDesk, reviews the higher timeframe charts on the major forex pairs. The daily and weekly are not aligning correctly and this causes spikes on the lower timeframe charts. She also discusses how she trades the binary signals using OTM binaries with less risk during these periods.