DislikedGU Commentary:
Been some talk about here about shorting this. Note the PA in the rectangle in the attachment. This is, for lack of better words, what I'll simply call an "accumulation swing". Here, the accumulation swing is almost 45 pips wide. The important thing is not the width of the swing, but the fact of the swing. BBs, SM, whatever you want to call them, first drive the price one way, then the next, to accumulate a position. The width of the swing is not important because they are accumulating throughout, and probably end up with...Ignored
Asian session trading took price down. A loading of longs? And now the price is being driven back up. If this is "bottom fishing" for positions, it might continue into the LS. We'll see. With over two hours to go to the GBP high impact release there is still time for more if this sort of price action.
For trading any pair, one might consider a setup only if PA is on the right side of the Dragon and the Dragon is on the right side of the Trend line. This is more restrictive, but it might also be safer. For example, for longs....
1. Classic SonicR- PA above Dragon. Dragon with good angle up (no mention of Trend).
2. "Better still" SonicR - PA also above Trend line.
3. "Least risky" SonicR - Dragon itself is above the Trend line.
-tah