Closed out longs a little early, there was a pop last night about 2 hours into the JPN session. In the above picture, Year CAM 3 seems like a likely stopping point if it chooses to go a little higher. I will start adding shorts there in small amounts with about a 50 pip stop.
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That Year CAM S3 value is about 1.1525. It may be best to wait for daily confirmation at this point with a Donchian(2) low breach.
Trade active
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Started with 1 lot short @ 1.1560.
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Yikes.
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1.1620 is ALL the way back to the triangle breakout 2 weeks ago at the bottom rail. Would be very impressed if we got there. I would be down 50 pips on this small position, but impressed.
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Looks like a pretty nice impulse wave. Daily is beast. Was the entire move down just a false breakdown (Wycoff Spring)? Looks like sellers are dried out.
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Shorted one more lot here near 1.1610.
Average price for position = 1.1585.
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There is a big long coming in the next 1 week or so as seasonality picks up for the late August bottom in EU (and top in DXY).
Think I will target 1.1525. So 60 pip trade. EU exhibited just too much strength on this move up.
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Closed 1/3 @ 1.1535 on Weekly VWAP = 50 pips.
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Lesser known to a lot of folks is that small H/S patterns can morph into continuation patterns. Not saying this is what is going to happen it's just that I have witnessed it many times.
Trade closed: target reached
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Dumping the rest. Don't like it.
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As suspected... that weekly VWAP bottomed out EU toward the Thursday close.
There is a big inverse 2HR H/S that was broken today on the Powell rate hike statement.