Well there was definitely strength coming into the market, maybe next week we will have our long. My stop was taken out, but fortunately I covered that eventuality by having a larger sell stop below my smaller lot size sl along with a larger buy stop just above the high. :60:
Notice the rather large volumes with the down drop exactly on the news? of course they play the news.
Edit: If the bears take out the swing low 1.48305, I think we can forget about any long, it’ll probably all be downhill from there imo. have a great weekend everyone.
I wouldn’t simply go long next week, you need to study the market conditions before you make a decision, more money could be lost (presuming you are trading live, if you are on demo, it doesn’t matter). I have stated there is strength coming into the market and sooner or later prices will rise, but timing for us is critical as we do not have the vast sums of money at our disposal to accumulate positions over long periods of time suffering losses as price goes further down until it turns back up.
Your point is well taken, i am not going to just jump in. I will look at all possibilities before pulling the trigger , also i might fine a good setup up in another pair. thank you for looking ahead.
OK so last week was a roller coaster ride for us in camp cable with price coming to test the lows of March 12th (1.48306). On the weekly chart right under is the range low of around 1.4800 if this gives way we could be talking big drops in the coming weeks/months, so this is a big test. In the short term, where does this leave us?
Well it looks like it has been the commercials doing the driving of this downward spiral as seen on the futures cot report below. Notice recently they have tapered off their selling activity? could this be a clue as to at least a temporary pull back is on the cards? I need to see more evidence of this now before I look for longs, but it could be soon, I’ll wait for a swing low to develop with either a doji, or pinbar before going long. The downward trend we are seeing looks very like an impulse wave, so any pull back would be a corrective wave so my initial target would be 50% of the down wave when we get there.
I have the auditors in work next week, so my trading will be severely hampered, I may be sidelined mostly.
i will now wait until after the week-nd and go long. It is what it is…
