I cloned the whole entire UJ weekly range from last years top to this years bottom in to 1/4 levels then i proceeded to break each 1/4 level down into another 1/4 level. This is the daily view of those levels and I feel its quite interesting and amazing when you look at how price has reacted to each of the levels. Most of these levels of support and rejection are dead on to the point where this chart is a bit scary.
So where do we go now?
Here in the states we have a major holiday ahead of us and by looking at the news this week, its very light in terms for $. The $ strength rally was primarily fueled by news and with a week like this I would assume a lot of traders will be on holiday. Another thing to note is the spike near market close took out all the stops from London then it backed down. I think were setting up for a gap down or a move down targeting the open gap from last week.
I would love to see UJ gap down and EU gap up and for those gaps not to fill and procede in the direction away from the gap and targeting the gaps from last week. (I've never seen 2 gaps like this open on a pair at once) but it would be fun!
At the very least hopefully it goes to 108.50.
I took a small short of .50 lots at market close at 110.89 with a sl of 111.25. Will add accordindly if momentum picks up
So where do we go now?
Here in the states we have a major holiday ahead of us and by looking at the news this week, its very light in terms for $. The $ strength rally was primarily fueled by news and with a week like this I would assume a lot of traders will be on holiday. Another thing to note is the spike near market close took out all the stops from London then it backed down. I think were setting up for a gap down or a move down targeting the open gap from last week.
I would love to see UJ gap down and EU gap up and for those gaps not to fill and procede in the direction away from the gap and targeting the gaps from last week. (I've never seen 2 gaps like this open on a pair at once) but it would be fun!
At the very least hopefully it goes to 108.50.
I took a small short of .50 lots at market close at 110.89 with a sl of 111.25. Will add accordindly if momentum picks up
Comment:
Here is a 4h view
Comment:
And here is a 1h view that i broke down again into 1/4's which is also very interesting.
All the levels im cloning are exactly identical from the weekly and im just breaking down the pieces of the pie
All the levels im cloning are exactly identical from the weekly and im just breaking down the pieces of the pie