Hi All
Thanks to RJ for an excellent explanation.
Pivots in my experience PA tends to move towards whichever is nearer at the open.
At Tokyo Open DPP approx 65 pips away and S1 25 pips away. Also given generally EUR bearish sentiment it was likely S1 would get tested first which it did but S1 held. Note Tokyo high 1.4226 which was last major support on Friday rejected early Tokyo session.
PA dipped below S1 and again moved north but Fridays low was rejected pretty decisively at Frankfurt open leading to a clear break of S1.
As RJ states next target is S2 which was eventually reached.
Worth noting that the WeeklyPP S1 is at 1.4117 and along with S2 seems to be holding up the bears at the moment.
Average 60 days Daily Range is 142 and we've already done around 118 today not including the 'gap'
I'd like to post some charts but resolution always seems to come out terribly .. work in progress :o)
Good trading all
V
Thanks to RJ for an excellent explanation.
Pivots in my experience PA tends to move towards whichever is nearer at the open.
At Tokyo Open DPP approx 65 pips away and S1 25 pips away. Also given generally EUR bearish sentiment it was likely S1 would get tested first which it did but S1 held. Note Tokyo high 1.4226 which was last major support on Friday rejected early Tokyo session.
PA dipped below S1 and again moved north but Fridays low was rejected pretty decisively at Frankfurt open leading to a clear break of S1.
As RJ states next target is S2 which was eventually reached.
Worth noting that the WeeklyPP S1 is at 1.4117 and along with S2 seems to be holding up the bears at the moment.
Average 60 days Daily Range is 142 and we've already done around 118 today not including the 'gap'
I'd like to post some charts but resolution always seems to come out terribly .. work in progress :o)
Good trading all
V