Been ready for a move since Thursday - I still think it's coming. In fact I think it should fall within the next 12 hours. We have a close above the green channel high which indicates this channel will soon be ending. It doesn't mean it will end straight away. Price should fall first then when it rises again it will break out. The close above the channel high is like an advanced warning.
I haven't draw the daily channel on here. My personal charts have a lot more channels and analysis that I don't publish. I think price will drop as indicated on my chart and hit the white line (daily channel low). Long trends like what we have seen in the last few months tend to end with pin bars, so price may not stay at the low for too long.
Anyway these are just thoughts.
Lets see how it goes.
UPDATE: It's possible for this to rise 50 pips (re-breach the high) before falling or it can just fall. Either way its one annoying pre-move pattern.
It's worth noting that we have an EU rate decision and NFP news releases this week, so I expect that is also playing a part in this extended pattern - Price is gearing up for that.
UPDATE #2: Target: 1.22900 - 1.22750 for this leg, before we get a pullback to the blue line.
UPDATE #3: Trade closed for 161 pips. I'm sure it will go lower than where I exited maybe 20-30 pips, but I'm happy with what I have from this trade.
Now there might be a long setting up during the Asian session, but I'm happy to wait and see where price is in the morning.
I haven't draw the daily channel on here. My personal charts have a lot more channels and analysis that I don't publish. I think price will drop as indicated on my chart and hit the white line (daily channel low). Long trends like what we have seen in the last few months tend to end with pin bars, so price may not stay at the low for too long.
Anyway these are just thoughts.
Lets see how it goes.
UPDATE: It's possible for this to rise 50 pips (re-breach the high) before falling or it can just fall. Either way its one annoying pre-move pattern.
It's worth noting that we have an EU rate decision and NFP news releases this week, so I expect that is also playing a part in this extended pattern - Price is gearing up for that.
UPDATE #2: Target: 1.22900 - 1.22750 for this leg, before we get a pullback to the blue line.
UPDATE #3: Trade closed for 161 pips. I'm sure it will go lower than where I exited maybe 20-30 pips, but I'm happy with what I have from this trade.
Now there might be a long setting up during the Asian session, but I'm happy to wait and see where price is in the morning.
