Hello, I think it's great place for long? Who else thinks so?
Morning doji star was formed yesterday in D1, bears couldn't go thru montly pivot and 38% retracement is here too.
Been SHORT since .9612. Not feeling very confident about it now that Daily closed above .9600. Initially was looking for a fall to slightly under .9500. SL moved to 9650 WAS 9637. We shall see.....GONNA HOLD.
Joined Nov 2010
Status: Pip Collector
Hi Traders! Happy Saturday!
Here is what I see for this pair from a daily perspective:
Price appears to have completed wave 1/A?(pink) down and may have begun wave 2/B?(pink) up. On smaller timeframes, the move up from
1/A?(pink) appears corrective.
My bias is for price to trade up to the bull target zone labeled “TRPL 6” (9636/9652) to potentially complete wave 2/B? (pink) before declining to the bear target zone (9321/9282)... potentially completing a wave 3/C?(pink) and a larger degree wave 2/B?(yellow).
My antenna are out for the potential for price to retest the bear target zone (9497/9473) before continuing higher to complete wave 2/B(pink)?
If price has already completed 2/B?(pink) the we may have a top in place and the bear target zones would come into play sooner.
Exit strategy (for a bearish bias): if price closes above the horizontal line “M4” (9650-ish) and cannot close back below on the retest, I will stand aside for price to continue to higher targets. If price trades above 9770, my antenna will be out for an expanded flat pattern.