We have a saying that could be translated as "dragged by the hair" and this idea might fall into this category :) But I like symmetry and history repeating, especially if I can find them supported by numbers.
"0 -> 1 -> 0.5 -> 1.272" can be interpreted as "pair did the full retrace, pulled back to 0.5 and then turn and visited 1.272". In the last week this last movement was done as a gap on markets opening and as such didn't give us an opportunity for a trade (the blue part). Here I would appreciate history not to repeat itself and give me time for an entry ;)
The last, unfinished movement of red part would match perfectly into this, but let's wait and see how it will open tomorrow evening.
From the fundamentals point of view, trade war between USA and China will probably hurt China more, thus weaken also AUD. For that matter, I'll have to take a look at Kiwi, too, as it should behave similar.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
"0 -> 1 -> 0.5 -> 1.272" can be interpreted as "pair did the full retrace, pulled back to 0.5 and then turn and visited 1.272". In the last week this last movement was done as a gap on markets opening and as such didn't give us an opportunity for a trade (the blue part). Here I would appreciate history not to repeat itself and give me time for an entry ;)
The last, unfinished movement of red part would match perfectly into this, but let's wait and see how it will open tomorrow evening.
From the fundamentals point of view, trade war between USA and China will probably hurt China more, thus weaken also AUD. For that matter, I'll have to take a look at Kiwi, too, as it should behave similar.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Order cancelled:
Target would be reached :) But better no trade than bad trade.
