Weekly view shows price respecting the .61885 level, which was the bottom of a range from back in July of 09. Price has been gaining traction and looks to be heading towards the top of that range at around .7600. A break and close of .72340 would confirm that idea.
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There was a potential head and shoulders here, but with the break of the left shoulder level, this is now invalid, and only confirms the weekly idea of reaching .7600 levels. Looking to get in on a retouch of that 61.8% level to go long.
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During brexit, price jumped past the level which acted as a ceiling in the past. This indicates more moves higher, regardless of the fact that price closed below the level. The initial sell orders waiting at that level brought prices down until the strong buyers came back in. Although it seems like 99% of the retail crowd is short here, I'm biased towards a retest of that level and a break.
Trade active
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Big move here. Might see a retracement before the next move.
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From brexit, and developing PA thereafter, a widening wedge was created. This indicates increasing volatility, increasing counter-trend players (bulls), and more possible moves to the upside. We also see a midway line that was crossed recently to the upside, and now price is consolidating right below resistance. I have a position open with a stop below .7215, and looking to break past that resistance at .7234 to make some higher highs. Will be playing this channel until we get to .7600 area where I will short for the long term.
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Added to my long at .72481. I might be crazy but the location I have for wave 3, is set for exactly 7AM tomorrow. Tomorrow's NFP might be a disappointing one.
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Tough part is over. Price still respecting the levels after the NFP news. Long we go.
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Game plan for this week. I'm expecting a down move for NU this week. Will most likely see a pick back up towards Thurs/Fri
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Almost there. Looking for .71740
Trade active
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We got the rejection we were looking for. Price is steadily making its way higher. If this week's weekly candle closes above the arrowed line (our newest entry point), then we are all bulls from here..not like we weren't already, but this is confirmation. Below this line will indicate a change to bear territory. I'm placing my stop just below this level and holding to the top.
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Price finding the B corrective wave. After the impulsive move up from the level, price is correcting. Expecting price to respect the .71977 level.
Trade closed manually:
Not liking price action right now.
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Entered long. Bounces off this trendline seem to bring prices back up to that same level. We could see the right shoulder develop if it goes up there. This is the first line of defense for the bulls. Let's see how it goes.
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Price broke below the trendline I was expecting to hold, so further moves lower should be seen. Currently in a long position to play the retracement. However, still bullish on this pair, just finding the right place to enter for a LT long.