Price has impulsed down twice on daily. We are looking for a 3rd drop since price has retested 1.35 zone and failed to hold. There is strong resistance on the hourly and lower frames with a consolidated sell flag accumulating as well for a trend continuation. I am looking a nice pullback up and a solid fail around 1.33 to enter short.
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tried shorting a bit early and got bit by FOMC! This is why you should always stick to your analysis! This makes a second loss for the year. But that doesnt mean we cant win it back with a little bit of patience and observation. Unfortunately I forgot that the speech was at 2pm my time. I did however recover a portion of the loss already. No biggie. Ya win some, ya lose some what matters is you dont give up and you outweigh your losses with wins! I am still shorting this pair but will be waiting to see how the market takes to the recent rate change.
@InsiderView, ty! I am waiting on the sidelines to see where it goes as I watch the oil market. Id say my most challenging pairs I deal with still are GJ UJ and UC but I have a buddy who is helping me understand how the oil market works. Overall, its been a great year :)