Following the last chart I posted, we have seen what now appears to be a completed pattern in the decline, slightly exceeding the target level I gave for where I expected the intermediary lows to form.
Regardless, it now appears to me that the market is getting ready for a 300 pip (or so) corrective rally. This will be a counter-trend rally which may provide us with a great shorting opportunity once it completes.
Regardless, it now appears to me that the market is getting ready for a 300 pip (or so) corrective rally. This will be a counter-trend rally which may provide us with a great shorting opportunity once it completes.
Trade active:
Given the current candle set up. I will enter long on a break above 40.90 with a stop loss at 40.55, target towards 43.34 - 43.73 range
Trade closed: stop reached:
Stopped out -4 pips loss. Back to the drawing board
40.86 seems to mark the end of the 2nd stage of this corrective pattern. I'm bringing previous long stops up to this now (4 pips below where I entered).