DislikedMaybe I am tired, but I did not get this...
What would have been wrong short at 1.5661?
Joe (tired)Ignored
well that was an important level with loads of stops above it.it was tripped and as I mentioned yesterday the level was just hanging in mid air as 1.5692 would be a far better level to short.
from 1.5660 price spiked 17-18 pips up then dropped 20 only in 5 hours. that's nearly 1-1 RR which is not that good.
More than that 1.5660 was touched during Asia which means low volume and never a clear direction....normally Europe picks up the move from previous day.
For me such move would have been risky.
please find attached the chart
circled areas are the levels mentioned and as you can see 1.5692(1.5694 on my chart as I cannot draw the bloody line) and 1.5726
I would go for 1.5692 as it held 2 times so it is stronger.
above those we have the top kumo (1.5784) as well as 50% fibo which if pierced and a daily close above means 1.62XX
please be aware that RSI above 50 and slow stoch crossed for buy already.all we need is a drop of the fast stoch before loading more longs.
but as I said,news might spoil everything..we will either go up or down today