Congrats bulls, I really wanted to long that 1.2043 area with the W pattern and flag breakout but held back- oh well plenty more opportunities. The 0.618 retrace of the last upthrust of the W/neckline turned out to be the best place
I think now 1.2078 is good for a short, divergence on 1h and 0.618 retrace of most recent down move last week, plus we're in a demand zone in dxy, trying to work out a good target. Just a small intraday/scalp. We're also coming up to a big trendline on dxy
EDIT- I still think its not a bad place to short but I notice if you connect the recent highs and lows it forms a wedge, so maybe the upper edge of the wedge if theres confluence with another resistance would be ideal to short, theres a decent supply around 1.208x
A last kick up from the bulls to 1.2085/6 before short would be the ideal for me
EDIT- just shorted 1.2086 for the above reasons. Close to upper wedge TL, supply/resistance, on dxy the opposite so demand/TL on 4h, various divergences showing. 10 pip SL TP open
I think now 1.2078 is good for a short, divergence on 1h and 0.618 retrace of most recent down move last week, plus we're in a demand zone in dxy, trying to work out a good target. Just a small intraday/scalp. We're also coming up to a big trendline on dxy
EDIT- I still think its not a bad place to short but I notice if you connect the recent highs and lows it forms a wedge, so maybe the upper edge of the wedge if theres confluence with another resistance would be ideal to short, theres a decent supply around 1.208x
A last kick up from the bulls to 1.2085/6 before short would be the ideal for me
EDIT- just shorted 1.2086 for the above reasons. Close to upper wedge TL, supply/resistance, on dxy the opposite so demand/TL on 4h, various divergences showing. 10 pip SL TP open
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