good morning all.
I don't see any clear direction at the moment other than the main bear trend.
On the daily chart I have a upper TL at 1.2965 and initial target zone around 1.2537.
On the chart shown we are well within the boundaries of a simple ABC correction of the move down from 3rd Jan 1.3076 to 9th Jan 1.2665.
First target zone for that is 1.2822 which coincides with a 38.2% retrace but timewise it is a little over due so it may not get there.
Second target zone is 1.2912 which coincides with the 61.8% retracement value.
NOTE: both targets are possible without disturbing the daily bear trend
So my plan for this trade is as follows:
1. Short a close below the lower TL.
2. Short a turn around 1.2822 or 1.2912
3. Draw up a new plan if this one is broken - my fav part that everyone forgets to do
I don't see any clear direction at the moment other than the main bear trend.
On the daily chart I have a upper TL at 1.2965 and initial target zone around 1.2537.
On the chart shown we are well within the boundaries of a simple ABC correction of the move down from 3rd Jan 1.3076 to 9th Jan 1.2665.
First target zone for that is 1.2822 which coincides with a 38.2% retrace but timewise it is a little over due so it may not get there.
Second target zone is 1.2912 which coincides with the 61.8% retracement value.
NOTE: both targets are possible without disturbing the daily bear trend
So my plan for this trade is as follows:
1. Short a close below the lower TL.
2. Short a turn around 1.2822 or 1.2912
3. Draw up a new plan if this one is broken - my fav part that everyone forgets to do