This is one of the classic simultaneous 'worm in the apple' plays. It is an instructive illustration of the link between bids and offers in the short-term and diversionary support on the lows. The dependence of buyers position appears clearly on USD strength.
The correct play here is to bid the 0.907x lows.
A fresh train of thought should unlock a test of 0.912x and 0.914x. And sellers will then have to overcome their problems once more. According to the 'dollar', we are all the way at the bottom of the range for Thanksgiving and this low must be blockaded:
It is with reluctance and after great thought that I decided on this diversion out on the lows. It seems somewhat daring, because conditions do not seem to be quite safe in the US. One of my main principles states that a fading attack is only correct when we see that others are willing to play too, as with Europe this morning on the open.... For the flows, entry 0.907x with targets clearly defined above at 0.912x and 0.914x while invalidation below 0.905x.
As usual thanks for keeping the feedback coming 👍 or 👎
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Stops barely holding....
Trade closed: stop reached
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Updates here sadly after stops could not hold the weekly close. USD strength entering into play a few sessions later than expected after the fix. In any case, all cleared.
Hello! Love your idea on USDCHF, would you like to check out ours as well?
FT_Lexicon
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Again i say, patience is the key and set up the tight entry, counter trend trading is always needs patience as we experienced. So, i know your view is right, but i don't enter on this time and this price.
abel11
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good work
FT_Lexicon
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I need the patience is the key for this trend.
ridethepig
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Yes @FT_Lexicon, we will know soon as europe have the control with US on holiday
FT_Lexicon
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@ridethepig, I remembered you and i were right position about uchf from last Feb. Glad to see the same page on these days. :)