DislikedHi there Strat,
I'm employing pretty much the exact same strategy as you....Ignored
There is a song somewhere that goes something like "You and Me and a dog named Boo" well I think we will have to change it to "You and Me and Baba G"!
That's three of us all thinking along the same lines. Does it make it right? No, but it sure helps.
Once 1.2550 is broken, the next support I see is 1.2460 which concurs with yours (I don't use price bar extremes). I still see some small unfinished up moves before we challenge that heavy support but that can change in a heartbeat depending on what Bernanke, BOE and Obama say (or don't say).
In the big scheme of things, the low on Dec 29 did not violate the prior up move as it is still a higher low so the up trend from March 17, 2008 is still intact. If I try to put EW on it, then the move from Dec 29 to where we are now COULD be leg A of an A-B-C 5th wave, but I'm guessing. Switching to the Weekly, the next leg up could take us to 1.2930ish which would be the 38.2% retrace from the 0.9728 low. So all in all, we three are all in bullish agreement. All we have to do now is find a safe, low risk entry point!
Thanks again for your post and come back again (and again).
PS. Sounds like you are in Japan. I lived in Tokyo (by Rainbow Bridge) for almost a year in the 90s.
Rock n Roll,
10 YEARS OF PASR ON FOREX FACTORY!