Wheee... Bear killin! The bears got so close, just so close... They were within ten pips from breaking a major low and hitting a big sell stop pocket. Meh, those bad bears may need another day to get reinforcements. It would be rather hilarious if they didn't manage to crack the lows after all this...
Ignored
I don't think the price will go below 1.43500 ( 2016.02.08 low). 2nd R at 1.43800 and 2nd Elliot wave formed a strong R. The price would rather return to PP at 1.45160. We shall see if it goes N or S at neckline 1.44600 (h1 chart)...Yellen tesifies again in 21 minutes.
We have Yellen round 2 coming, could be fun, when that's over, USD will set near term direction. What we've seen in the last three days could just be noise.
We have Yellen round 2 coming, could be fun, when that's over, USD will set near term direction. What we've seen in the last three days could just be noise.
GL with your trade. I don't have the courage to enter a trade during Yellen's testimony, since yesterday we had massive moves during and after her speech.
Well, the market made it to it's target, that buy stop pocket just above 1.4470... Wasn't as big as the bulls were hoping for, but they got to offload some longs into it.
{quote} just to clarify, isnt it should be 1.4480? thats where the price currently turned.
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Inverted head and shoulders on h1 chart. As soon as the neckline at 1.44600 was broken Yellen started her statement. The market follows a normal pattern of volatility during such speeches. The S at 1.43800 got stronger since the price failed to break it multiple times in the past days, weeks. Take a look on 4h chart.
I don't know, don't care... All I know is I should have let that long run all the way from 25 to 50 instead of cutting it at 45...
Eeesh, going to sleep...
Everyone here needs to ignore most all news. Just ignore the data and watch the reaction. If the news is actually market moving... Price will be vibrating like crazy as big orders hit the market continually.
Cable Update (GBPUSD)
