Here's a current chart with nothing but price, 2 fib fan series (one yellow; one a shorter TF in red w/speed lines) and some wider TF fib retracement lines - I run other charts for G/J concurrent with this one, but think this is the simplest and one of the most telling at the moment. If we hold a break below that bottom fan line (dancing around it now), we could see a return to ~204 or below. But, that said, the Guppy has been swimming around within the bounds of this smaller fan. I'm currently flat (concentrated on some other pairs last night) here, but maintain a short bias (
), although I remain watchful of a larger move up because the pair is establishing higher lows.
In my experience, humility before the market has come to mean always remaining somewhat tentative regarding direction - taking positions on a probabilistic basis and acknowledging the misgivings, however minor, that persist in your analysis - this way pips can, ideally, be made in both directions. I find Elijah's method pretty interesting and think it is viable if played conservatively, but have a hard time reconciling myself to entering trades countertrend when the pair may be as likely to continue down as turn up - it's hard to watch all those pips go by.
About 30 minutes of down left
Long time...no see!
Linear Mode
