Dislikedthat was my game plan right before FOMC. It still has not changed. The only difference is that the upper wall of the coral channel was just tapped at a lower value and we seem to have formed a consolidation bear flag during the asian session (blue lines). Having said that..I am currently short...usual 50 pip stop loss and take profit assumes a retest of the lows is likely (1.3900...will take profit at any time though). Lets see now
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THe previous channels I have erased. THe only thing remaining is that trendline that has acted as resistance to determine whether this break up was false or not. We shall know soon enough with the European open. Secondly...while the bear flag is still in play...I have plotted current strong resistance and support. Those levels are simply the psychological 1.4000 mark and 1.3900 still. If we break the bear flag to the upside...no other instruments I use will be of any value except that given range. A retest of the lows still seems like the most likely course of action and if we do go back down...the downwards channel will come back into play with the upper wall extended.
Sidenote: talk of price manipulation or stop hunting has been of interest lately..we are seeying a perfect example here. If we do indeed go back down...the circle is where this is occuring (would be a false break of the downtrend). Any higher and it is a real break up.
Good pippin all
Different opinions highly valued, ignorant to slander.