my eyes open so I did not publish. This 4th try to break the top
reminded me of W D who said something to the effect that
when a 4th attempt to make a new high/low trade in the opposite direction.
If it does break to new highs or lows go with the trend.
Short from 1.52745 with low risk stops on the huge divergence in .
At the least looking for a return to the bottom of the channel that
has formed and even beyond to a measured move. Of course,
it is not a complete until it breaks the bottom of the channel
Should this play out it will probably take several days and should offer
opportunities to participate and/or add more position size.
(wish I had published this: now it just looks like I'm bragging ~~~)
Moving stops to 1.52669. Only +7 pips but, I'm thinking I want to give this
enough room to slop around, but, if it goes beyond the .786 fib retracement,
the idea has probably fallen apart. Another test of the top does not seem
logical at this point and is more likely to blast off.
a beauty and the 2 hour candle could be an even bigger hammer.
Looked all the way back to the 1st of the year and found no others.
So, as I write it is testing the lower tail and I'm looking to take 1/2 off
around 1.5150 for +125 pips about a 50% retracement - common
before it completely reverses.
Will probably close the position tomorrow with an eye to reenter on
the Sunday open.
Gotta respect the hammer !
This is so parabolic,
I can't watch any more.
I'm taking profit on the second half for +150 pips
and hope there is a chance for re entry on next
I'll just have to suffer with +120 pips on the first half
and +150 on the second half in less than 24 hours.
Sarcasm aside there's probably more down side to come.
on the Sunday open -- it took only about 6 hours. Maybe a test of the trend line will be my chance.
The one concern at this point is that the collapse has been in only 3 waves so we'll have to see
how it tests the trend line to have confidence in the retest