Chopped up by CL today, v clear now on the daily though.
Check out the hourly from the 14th of Feb this year. Look how precisely the bottom of today drop bounced from the start of the leg. I think it should rally from here, but needs to stay under the 15 min level to keep shorting from this area..... i think! (famous last words)
Still got a short bias for the moment, but 1.12232-ish is untested and with it being the monthly, could be a good place to bounce from. Momentum permitting I will defo try long here, even if it's just for a few days.
Well, it kind of looks like it. Last Tuesday I was trading GBPJPY and the way the price action moved that day felt tight and compacted. When i was skipping through charts of the S&P this morning, I was surprised to see such a tight mirroring of price. I don't really like the concept of correlations, so i'm gonna avoid that word. I don't think they are correlated,...
Not sure exactly how the journey down to 1ET would happen, but in this chart I'm trying to look at what has been gained and lost to get to the high, that might give clues as to where intraday resistance could be during the week.