Looking at a multiple touch on the 1.071 level, and observing a lot of buy-in action throughout the last few trading days.
Market entry taken and using a super small stop, 1.07, entry at 1.0781, and targeting the 1.08 round number as the target.
The long term curve on the bottom shows support building in and the current set-up has a defined horizontal support. Open of the NY session didn't give much movement, had it wanted to go down, it would have I would think, but that lack of a drop is another reason to think it's turn time.
Not a big indicator user, but macd and RSI are also showing signs of reversal. Macd is divergent, and rai has support around the 40 with upward divergence showing on the bottoms as well.
Market entry taken and using a super small stop, 1.07, entry at 1.0781, and targeting the 1.08 round number as the target.
The long term curve on the bottom shows support building in and the current set-up has a defined horizontal support. Open of the NY session didn't give much movement, had it wanted to go down, it would have I would think, but that lack of a drop is another reason to think it's turn time.
Not a big indicator user, but macd and RSI are also showing signs of reversal. Macd is divergent, and rai has support around the 40 with upward divergence showing on the bottoms as well.
Trade active:
Market entry made at 1.0784* stopping at 1.07, target 1.08
Comment:
Short term trend line break giving confirmation, bounce up gives final confirmation...
Comment:
Price action is clean, confirmation is strong
Comment:
Trade still looks good for the set-up, dropping the stop for overnight spread, then replace upon retail open, as price should not move much and is near the entry on close of day.
Trade closed: stop reached:
Stopped out, but not convinced it will go much lower, going to watch for longs still
Comment:
Price is staying up, and starting to look a bit like a fishhook with a liquidity run on the 4 hour. Expecting a general price retrace to come from here. Expecting a top out around 1.095-6, the daily has made a clear rollover pattern, and the stop consolidation is a good indication it's ready to at least retrace. Long term price could float between these two extremes of current price and recent highs from the 1.1 double top area on the daily, but it's a bit far to call just yet. 1.09 is a fairly certain probability in my view.
I'll be a bit on the busy side and need to review some things over the last few weeks, so may take a few to post my next idea. Getting behind on the behind the scenes work and making a change to the life schedule too, so may need to adjust the style a little. Be back soon though 👌
I'll be a bit on the busy side and need to review some things over the last few weeks, so may take a few to post my next idea. Getting behind on the behind the scenes work and making a change to the life schedule too, so may need to adjust the style a little. Be back soon though 👌
