One more thing about last night's trade. I used the fib levels from the last weeks high/low points. They are in white on the chart. I entered on the 61.8% level and used the 80% level as my exit.
Now I will add the high/low points from last week (in white). Now why is this one special? Because the fib levels of 134% and 155% will be the targets of the big boys this week. Since the candles have opened ABOVE the 50% level for the week, expect it to test the 50% level and try to hit the 134% level...both could happen this week. Here we go. BTW, now there are two sets of fibs on the chart, slate gray and white.
I won't be trading tonight because I can't figure out which direction price moves tonight. Price is sitting just below a big resistance diagonal trend line. So that screams overbought. However, the next diagonal trend line above current resistance is 177 pips away.
Price is sitting on the Weekly 134% level and is primed to drop moderately to the first trend line at the Weekly 100% level...but I'm not sure if the bulls are done or not and I have to go to bed.
Okay so I zoomed out on this chart to the Daily timeframe to get the big picture. Notice the green arrow...indecision...carnage by the bears acoming son. Second chart I just added the diagonal trendline to show what price is up against.
Here's my trade for tonight. I'm thinking bears control the night unless the bulls really get aggressive. So I'm selling resistance.
My entry for the short is at tonight's 38.2% level (1.54497) and my take profit level is just above the Weekly 100% and tonight's -34% levels (1.53900)...they match up almost identical.
I think the price may test the Weekly 80% level of 1.53323ish tonight.
I thought the bears would take over but they chose not to until next week. Since its Friday and I have to leave this morning I went ahead and closed the position out (pre-maturely I'm sure) for a gain of 13 pips...fall forward kind of thing I guess.
My last post was a video on youtube by Laina called "The Cup Song with Overly Attached Girlfriend". I figured it might cross the line even though it was funny, and meant to be. Be sure to watch the end...ahh commitment.
