Hey Steelhead - how'd those shorts come out at 108.50 you kept talking about earlier in the week? Bet you're sitting on a pile of PIPs now
We have seen this action couple of times this week, descent to weekly pivot or even lower, than back up to 108 area. Always right back to 108.. The pressure is still up, it looks like it need to take a breath before it can move further up to 109-110
It is nearing the end of the month and the end of the quarter. Expect profit taking on all pairs for book keeping.
There is the great potential for price to make it down to the 106.60 or 105.60 areas by the end of the week. These are near key fib levels on your charts if you are into that kinda thing.
Agreed, and ova40 makes a good point. Here's some things to consider from a longer 8 hr TF showing a'rd 5 weeks of trading, and a daily showing a repeating candle pattern that has been preceeding the next move up, don't know all those Japanese names but I'm sure someone here does.
Could we break 107? Sure, but then I think it's much less likely to break 106.50 if it does. When the trend is up (see daily chart), then the bigger the dip, the better the buying op...
NOTE: Got pulled away before I could post this earlier, and UJ trading 106.80 at S3 as I finally post this... Looking to long a'rd 106.50 ish after all.
, thank you for sharing. FWIW- if you look at the chart below, the support line actually extends back to the low made on March 17:
good insight from all
Yes it does, and very aware of that, just didn't want to make TOO strong of a case for the uptrend... Cuz then someone would post the zoomed out monthly showing we're CLEARLY in a downtrend from 278 back in 1982...
I'm glad to see you swimming on the right side of the stream, dwildes. Even after I posted a couple charts clearly showing the downtrend, many people didn't see it. We could be in for a substantial drop. If you are short, from around 108 or better, consider holding onto to it for a a few days.
May the pips be with you!
