I think we should expect fire works in 3hrs or so from now after the ranging we have seen of recent.But now the question is where is the spike going? conventional wisdom says "DON'T TRADE THE NEWS" but for me news trading is just normal so far i am with the trend.But another question, which is the trend,UP or DOWN? ahh...ha it's now looking tricky.
IMHO the trend is down take it or leave it but they have made the bears look wicker but i assure you from a technical point of view the bulls are wicker.
Now note this is purely from a technical point of view cus i dont know much about fundies,what i believe is that they just make things happen on time.
Here is my plan,
I have entries scattered allover from 1.4104 to 1.4147 long ago and and have nothing to lose cus i have made alot from this bearish trend like i stated in my previose post,so giving back a little is more like paying my dues.
If 1.4194 stands i would aim for 800-1000 points,not sure for now but would be once we are on the way.
If 1.4194 is bridged,its not still over but this time the target is shot.And finally if i 1.4241 and 1.4256 is taking out i would be close my positions and take the losses.
NOTE:that this figures are strong ressistance areas and not just fabricated, you see how price bounced off the most recent.
EDIT:Here is the call i gave some time ago and and came to past.IF you notice they only take 20-50 pips trade at strong resistance or support area for 1000 or more pips and let you getting your SL and Tp taking out at random while you wonder what is happening.Like JACKO said once you identify a trend follow it and never lieve.When the market goes against you add a little all the way to the end,how simple can that be.
But i have noticed a lot of traders try to out smart the market and get burnt.For me when you are in shark infested water try to clamp the back of one and never get down until you see a wall ahead (R/S).Good luck to you all.
IMHO the trend is down take it or leave it but they have made the bears look wicker but i assure you from a technical point of view the bulls are wicker.
Now note this is purely from a technical point of view cus i dont know much about fundies,what i believe is that they just make things happen on time.
Here is my plan,
I have entries scattered allover from 1.4104 to 1.4147 long ago and and have nothing to lose cus i have made alot from this bearish trend like i stated in my previose post,so giving back a little is more like paying my dues.
If 1.4194 stands i would aim for 800-1000 points,not sure for now but would be once we are on the way.
If 1.4194 is bridged,its not still over but this time the target is shot.And finally if i 1.4241 and 1.4256 is taking out i would be close my positions and take the losses.
NOTE:that this figures are strong ressistance areas and not just fabricated, you see how price bounced off the most recent.
EDIT:Here is the call i gave some time ago and and came to past.IF you notice they only take 20-50 pips trade at strong resistance or support area for 1000 or more pips and let you getting your SL and Tp taking out at random while you wonder what is happening.Like JACKO said once you identify a trend follow it and never lieve.When the market goes against you add a little all the way to the end,how simple can that be.
But i have noticed a lot of traders try to out smart the market and get burnt.For me when you are in shark infested water try to clamp the back of one and never get down until you see a wall ahead (R/S).Good luck to you all.
