Hi Angler,
Actually, that's probably the ideal scenario - my trades stand a better chance of running longer if it continues to rise. I'm still only taking 4H trades at dips, with the uptrend, as usual. If there's a set-up I'll take it. No plan B.
No, I don't think it'll go too far. I'm looking at the 50Fib area on the daily @ 1.3600 (perhaps even the 50Fib @ 1.3400 drawn from the March low to the recent high on the weekly, although this is unlikely I feel) for resumption of uptrend.
However, it doesn't really matter if I'm right. All the time the 4H is still up over 300 bars, I'll be going long at the dips...rules are rules. If trend switches on this time-frame, so will I. Sooner or later, when the other time-frames agree, trades will hopefully run longer, that's all.
Is that what you were asking?
I totally agree with you; actually, even over those 300 bars the weekly trend is up, whether we think the long-term gives a valid indication or not. As I said, I don't think we're in for a heavy drop (mid 1.3s at most), more a correction and certainly no new lows. I took a quick look at the monthly (see chart) which is also up and shows the recent 1.2400 is near the Fib50 and at an area of major S/R. In my opinion, it's all bullish!
Sorry for the lengthy post.
DislikedPipped.......what is your plan B...if your wrong..and the price continues trending UP....Ignored
DislikedIf you also think that based on the weekly....price may come down.....you dont know how far....but your still ready to go long...not to far away...Ignored
However, it doesn't really matter if I'm right. All the time the 4H is still up over 300 bars, I'll be going long at the dips...rules are rules. If trend switches on this time-frame, so will I. Sooner or later, when the other time-frames agree, trades will hopefully run longer, that's all.
Is that what you were asking?
DislikedMind you I think the weekly is in an up trend..but meeting resistance right now..I dont think you can use the 300 bar idea on a weekly timeframe....way to much movement has occurred the last year of so...Ignored
Sorry for the lengthy post.