40 Day trough targets were met yesterday, 21st April so most likely the low of yesterday will be the trough of the 40 Day. Now lets look at the peak coming ahead of us. I usually trade the 80 day cycle, so now we are in the second half of the 80 day cycle.
TARGETS As I trade the 80 day cycle therefore I look at the 20 Day FLD(Future Line of Demarcation) for target generation. Price is currently below the FLD. Tomorrow's FLD median price, our cross point is at 1.24676. Pivot point will be the recent price low at 1.22470 this gives us the target of 1.26882.
I have my long orders waiting slightly above the high of 21st April.
The FLD position changes everyday (as I trade EOD), thus the targets change with it. I'll update if there are changes.
Note: these numbers mentioned above are based on my broker, Alpari internation and not Oanda (the chart above), so there will be slight variations when compared to the Chart above.
Comment
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Price has still not crossed above the 20 day FLD yet, Tomorrow FLD median price is 1.23464 Pivot point 1.22470 give s a new target of 1.24458
Order adjusted accordingly!
Trade closed: target reached
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haha that was quick as I was typing this post my TP was hit though it was a very small range but was hit in within 3 mins, good thing I put the order first then this post what noone reads lol