Quote:
Originally Posted by Tess
But the "point" being it's continued to soften, so folks could have used either option (the regular s&r intent...or the pattern confirmation) to leg in on a continuation move.
Still displaying weakness into this mornings action with that next support camp down @ 9775 beginning to whistle it's welcome
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And here we are sussing out the next step of the bearish journey. This channel of previous demand (9775-9710) will harbour the usual cross traffic of stop activity & again, players will be eyeing the peak-trough behaviour to guage their trailing stops on the move down.
The next step down from here takes us to a small pocket of potential headwind @ 1.9640-9600 ahead of the more solid late 07/early 08 floor @ 1.9400.
Above here, the steps are highly visible via your intraday (15m) chart & the small hourly to judge the upside offers on profit taking.