So looking at GU go to the monthly time frame to get a TRUE bias as to what price is doing and where she is at. Understanding the true trend will give you the direction you should be taking all of your trades if you want to maximize your pipage.. is that a word? Well today it is. From my bias it seems to be in a bearish trend since we have not even reached the first target of the 2.27 extension from the 50% fib retracement. I can tell you from my back testing that a 50% retracement will always yield a 1.618 extension. So based on those factors alone, my overall bias for GU is BEARISH.
ANY THOUGHTS OR COMMENTS OR DIFFERENCES FEEL FREE TO RELATE IN THE COMMENTS BELOW. Understand we are talking from a monthly perspective, so talking to be about bullish indications on a lower time frames only equals to me in my mind a retracement or a pullback. That is fine to, but understanding that you most pips will come from the sells is what should stay in the forefront of your mind. THE REAL QUESTION IS HOW LONG CAN YOU HOLD A TRADE?