We have a potential upward breakout at the median line on the pound with some nice confluence with a few breakout patterns using Andrews. I have illustrated them on the chart. Let's see how this move unfolds.
Sincerely,
TIK
Comments
IvanLabrie
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I'll be watching this one.
I got out of my cable short already.
Rictrader
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Would you buy? or Wait?
IvanLabrie
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Considering the scale of the last downbar, I'll sell any rally.
Timing_is_key
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Yes Ivan, This trade was at the median line so when you get such a decisive Down Bar it is what is termed a Zoom Bar. It is an excellent tell that this market will eventually head towards the lower parallel. More than likely it will rally back the median line either touch it or leave a gap before trapping all the bulls and heading south again. A better play on this trade could have been to reverse at stop and trail the stop to capture the length of the zoom move. Just an observation. Take care
IvanLabrie
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Indeed, that's usually a good idea when in no man's land, considering there was little support at this level.
I got out of my cable short already.