Bearish outlook with short-term buying opportunities - caution.
Asian session has pulled this pair higher(higher highs, lower lows) and price rejected 50% Fib. level. If price retreats to 1.5695-1.5700 i will enter a buy with a small stop loss targeting the 61% Fib. level.
Do we see London push price higher to 158.00-158.25 and New York sell off?
Watch price action.
Any strong move below 156.88 and retest, price will head lower(watch demand area around 156.30-156.50).
Asian session has pulled this pair higher(higher highs, lower lows) and price rejected 50% Fib. level. If price retreats to 1.5695-1.5700 i will enter a buy with a small stop loss targeting the 61% Fib. level.
Do we see London push price higher to 158.00-158.25 and New York sell off?
Watch price action.
Any strong move below 156.88 and retest, price will head lower(watch demand area around 156.30-156.50).
Comment:
06:30, No breakdown in price yet. Pullback at 50% Fib. level then strong push above 61.1% Fib. level. The level to watch is 158.20-158.35. You would expect the market to short in this area coming into London open. Only look for "confirmation" sells in this area i.e a break in structure and retest.
Comment:
Traders, we are going to miss some set ups and this was a good one. Unfortunately it only pulled back to 157.10 and took off in the Asian session. There was a chance to get in on the pullback London open at 157.40/45 but i opted to stay out.
Price rallied through the first Supply area and created a support at 158.15/20.
This is why in those areas you wait for CONFIRMATION before selling the market. Looks like going to test the high price.
Anyone catch this move?
DIONNG
Price rallied through the first Supply area and created a support at 158.15/20.
This is why in those areas you wait for CONFIRMATION before selling the market. Looks like going to test the high price.
Anyone catch this move?
DIONNG