Disliked{quote} I think it might even reach 0.7470, but that won't end the consolidation.Ignored
I have a quick short from 7590 which i will be happy to close around 7533.
I'm less adventurous....... shorts at 74xx are out for me.
- #96,304
- Apr 7, 2016 9:16am Apr 7, 2016 9:16am
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
- #96,311
- Apr 8, 2016 5:55am Apr 8, 2016 5:55am
- Joined Jan 2016 | Status: Trader | 1,788 Posts
{quote} There have been occasions when the support got tested 5 or 6 times. When it holds after numerous test, the bounce is normally very large. This region from 7500 - 7550 is a key support level. I always avoid shorting at support and buying at resistance, it can end up as total disaster. The test of the lows from yesterday was pretty strong and it held. If the bears are going to test the lows again today, i don't think it will match yesterday's momentum.
i wouldn't buy or sell either until it bounced or broke. And at this stage I consider it very nearly a double bottom, and having just been tested twice, and Hard, I didn't expect another test. But if it comes down for another test, it is because bulls are yielding to pressure from bears. Somebody dumped hard yesterday from .764 -.763 zone, and the pressure held it pinned against .75 all night. I think the bulls are winning at this level, and it won't test again soon. Christ knows it doesn't need to, it's had enough pressure. If it manages to climb back up to .7635 I have a few longs to give those bears at that level, but not here.
- #96,318
- Apr 8, 2016 7:52am Apr 8, 2016 7:52am
- Joined Dec 2015 | Status: Trader | 7,803 Posts
I wonder if this was it? missed top by 7 pips, might get another shot, this down move from here has been quite sharp 45 or so in 20/25 mins on AU... {image}
