It appears you’re not going to need any confirmation of DoubleEcho’s recommendation judging by your opening couple of posts, but I’ll add it anyway for good measure. I was also very lucky to have found this material & these guys, very quickly when browsing this forum & believe you me (only on hindsight) it’s saved me absolutely tons of wasted time & hassle.
Listen to these guys & don’t for one minute doubt or be afraid to follow & put into practice their apparently oversimplistic, straightforward advice – because it works!
If you can quickly get into the habit of viewing & observing the generic market positioning on that timeframe exactly as you’ve described it you’ll find yourself on the right side of the flows more often than not.
The only times you’ll get shoulder barged out of trades prematurely is when the conditions get choppy & directionless at market turns due to (as DoubleEcho alluded to) conflicting fundamental drivers, where the differing market players who directly affect short term momentum (model funds, institutionals, large spec funds etc) are readjusting weightings and/or reacting to a noticeable change in risk attitude.
And there are also no visible obstacles in the way of price slipping further towards the twin June lows of 1.4070-4110, which represents the extreme of the current average days range off today’s Tokyo highs.
If prices fail to jog on towards that next clump of support the immediate upper levels that price has travelled away from will have to be negotiated & consolidated first before any bullish momentum is generated. And that will be determined in the initial stages by the strength of stop orders building at those levels.
Short (trailing) stops will now begin to be adjusted down to the late New York highs at 1.4280 from that lower high level you shorted from on Friday, with intraday stops now resting above this mornings Tokyo top at 1.4240.