May have missed this entry and if it comes back lower, will accumulate longs to target back into the VALUE AREA we left last month.
The idea here is we've exhausted any leftover longs from several months ago and brought in new players (stop orders), to the short side, that we'll need to flush out on the way back up, while using the buyers coming in on the re-test of these LO's from last year.
Bigger picture in play.
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A few days down in that BUY area has created the time to accumulate one or multiple positions (long) for a nice lift up.
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Nearly 400 pips in profit. Trimming position is not a bad idea. Exit of 500 pips still a realistic point to dump the remainder of trade.
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Waiting to exit on a volume spike up over the .52 handle.
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Anticipating market capitulation down here so as to suggest the bigger play may still be intact for a lift in price; above its most recent pivot HI @ $1.52. Oscillations around the current level LO price over next week will further hint to me that is the case and will again enter a trade, Long.
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After profit taken on the first run up and now capitulation around these prices, will be engaging in NEW long positions. Expecting another run up to recent pivot HI's at 1.52 and continuing onward to bring in breakout traders and close out any remaining shorts from earlier in the year...all BUY orders to prop the pair upwards. All orders need to clear the book at some point. Riding that flow.
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Positions taken again to the long side. Perhaps this is the 500+ pip run up. Regardless, collect pips and take them off the table.