We have completed a very clear ABCDE sequence, it is a textbook example of a triangle breakout. With a weekly close outside of the lows it is sending messages that sellers are accelerating to the downside.
This is a very important Week / Month and Quarter close .. the level to track here is 107.29; we need to get below there in order to confirm the impulsive selloff. Once we get below, this will unlock 105.207 - 104.454.
Highly recommend all those who are not already holding shorts from the chatroom or the related ideas to consider adding downside risk here. Invalidation to the idea comes into play at 108.4x, a break above here will demand reassessment.
Best of luck those positioned correctly for the risk flows...
Hello @ridethepig. Curious to know how you think a Trump-Xi agreement will affect the UJ pair? If a deal is reached, would the market swing to a more risk-on sentiment, with money then flowing out of yen? If that is the case, would that sentiment overpower USD weakness, sending UJ higher? Or would USD weakness overpower all this on a macro scale, sending the pair lower? I'm currently short, but I found these two themes interesting and I was curious what your thoughts are along these lines. Thanks.
ITMSniper
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Great setup following you now! About to post a trade aswell, have a look on my profile and let me know about it buddy :)