I know that channels can be tricky since it depends on where you connect your dots, depending on broker, which timeframe, connecting open/close or high/low...
For me however this up channel was confirmed when PA tested it earlier today. If anything, the lower boundary is a strong trendline which was tested 4 times already! Today we got a second test of the upper boundary imo.
I am currently short to catch a possible retracement since we had an almost vertical rally the last 3-4 days. I am however careful not to overdo it since the trend for now is clearly up and shorting is counter-trend!
I will be looking to get long after the current retracement, trying to get a decent entry for a possible move to my next target (1.1800). No good entering at market now, bad R/R ratio...
It will be interesting to see what happens when (or if !!) we retrace to the 1.1460/1.1470 level for possible clues and confirmation of the current upward bias.
Target 1 of my previous idea was reached!
Further targets for me for now are:
- 1.1800 >> 38.2% fib level of the big move down from May 2014 to March 2015
- 1.2000 >> psych level
- 1.2200 >> around 50% fib level of the big move down from May 2014 to March 2015 and possible psych level
For me however this up channel was confirmed when PA tested it earlier today. If anything, the lower boundary is a strong trendline which was tested 4 times already! Today we got a second test of the upper boundary imo.
I am currently short to catch a possible retracement since we had an almost vertical rally the last 3-4 days. I am however careful not to overdo it since the trend for now is clearly up and shorting is counter-trend!
I will be looking to get long after the current retracement, trying to get a decent entry for a possible move to my next target (1.1800). No good entering at market now, bad R/R ratio...
It will be interesting to see what happens when (or if !!) we retrace to the 1.1460/1.1470 level for possible clues and confirmation of the current upward bias.
Target 1 of my previous idea was reached!
Further targets for me for now are:
- 1.1800 >> 38.2% fib level of the big move down from May 2014 to March 2015
- 1.2000 >> psych level
- 1.2200 >> around 50% fib level of the big move down from May 2014 to March 2015 and possible psych level
