The market seems insistent in retesting the old highs, but the price action at UWL1 indicates a retracement, whether that be tradeable or not. If weakness continues therein, short-term shorts are favored until the UMLH of the upsloping pitchfork. For more reliable opportunities, one should watch the market's behavior at the old highs. The market may store energy around that area for an extended rally, or may reverse until the lows of the current range.
With this one, I am done with the major cross series. It seems that 7 of the 8 major crosses are worth watching for opportunities. The one exception is the Euro Swissie, and I want to replace it with some exotic cross. Since I'm living in Turkey, I find the Turkish Lira somewhat familiar as I know some fundamentals regarding my country as well. So I will replace EURCHF with EURTRY and CHFTRY, and seek opportunities in those pairs. One problem is that my broker does not have CHFTRY pair, but it does not really matter, since I have both CHFUSD and USDTRY. So there's always a chance to play any cross if you have the currencies against USD. Stop losses and target locations may get tricky and require more attention relative to the crosses that the broker actually makes the market for.
With this one, I am done with the major cross series. It seems that 7 of the 8 major crosses are worth watching for opportunities. The one exception is the Euro Swissie, and I want to replace it with some exotic cross. Since I'm living in Turkey, I find the Turkish Lira somewhat familiar as I know some fundamentals regarding my country as well. So I will replace EURCHF with EURTRY and CHFTRY, and seek opportunities in those pairs. One problem is that my broker does not have CHFTRY pair, but it does not really matter, since I have both CHFUSD and USDTRY. So there's always a chance to play any cross if you have the currencies against USD. Stop losses and target locations may get tricky and require more attention relative to the crosses that the broker actually makes the market for.
Comment:
The bearish Stoch crossover on 30 December 2015, which was a few bars after the doji at the old highs, was a true sell signal. UMLH is targetted.
Trade closed: target reached:
The UMLH reached. Profits taken.
