well, we have something like a double bottom occouring on former sloping trend line turned from resistance to support - another neckline test (break?) looks very possible.
As I mentioned before - a break of the &s neckline followed by a succesfull retest from the upside will make me change my bearish bias here.
edit: in addition a very interesting link (COT data for gold, silver,dxy) - thanks to Franosh - gives an idea who`s got an upper hand here
There is a clear 5 down on EUR.JPY.
See the 4 Hours chart below...
Ravno... I too have noticed this clear 5 wave decline in EURJPY on the shorter time frames... But until price comes under the lower rising diagonal triangle line on the daily chart, I stay in the bull camp...
Ravno... I too have noticed this clear 5 wave decline in EURJPY on the shorter time frames... But until price comes under the lower rising diagonal triangle line on the daily chart, I stay in the bull camp...
attempting a position trade here.. lets see if we can get it running, or get out at b/e at least.
my 30 pip target from yesterday is still running - which is basically a mistake i guess. still have no expirience with it, so i am not really sure how much to let it run and when to exit.. but i am leaving it the way i have programmed it.
now i am not really concerned with a 50 pip drawdown to get the 30 i planned, but my issue is that the original trade idea isnt valid anymore.
it ran 10 pip into profit and dropped to currently -25... while i fell asleep
i have to say i didnt care too much about the drawdown because there was this explosion elliot wave scenario, although the idea was basically to trade without forecasting..
and i am not sure how important exactly this dollar appreciation is today, alot of you are dollar bearish, and cable is at the moment 300 pips down in the matter of 8 hours, looks very much like a significant sentiment shift/trend change.
edit: taking half off on position trade at 1,0882 for +84 pips - other stop left at +10.
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