Ok for the upside I’m gonna go with 1.5920. So to recap. LO will run stops on the longs and suck people in short getting to 1.58. price will trade up to 1.5920 during intra day and prolly settle around the 1.59 or 1.5880. So lets see how these crystal balls are at predicting the market’s whims :D.
Here’s why. Stopping volume in LO yesterday around the figure. Clean looking levels where i would place my SL(if i were a noob). Big figure. For the upside dragging a fib from 1.5980 to my predicted low yields a 62% retracement at around the 1.5914 with a sweet spot at 1.5928. So 1.5920 is in that range and it’s an institutional level. Would also run stops on shorts. and lines up with a reflection on yesterdays high to low. We’ve been in a consolidation all week. Overall I’m bearish but i feel we need a pullback to fill in some price. And 1.58 is a very strong previous level seems like a perfect place to stop. Further down the line I’m thinking 1.598.
So let’s do this. Again I won’t be editing this post :D. And will be referencing after the day plays out.
Morning all
Got a buy limit @ 1.33001 on the fiber.
Bullish divergence & OTE, looking at the USDX to fall a little (after my order has been filled that is)… we’ll see
Ranging Market, bullish or bearish? That Euro looks like bearish for all it’s worth, that is sucking in sell’s quicker than quicksand, but look at where the clean resistance is, that will be bullish eventually, it might easily take stops out below 1.3250 even, it might go long after he Asian stop raid, one thing I do know, I won’t be trading today, it’s far to ifs and but’ for me, and I’ve been ‘paid’ this week, then again never say never
