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Well, you guessed it - still bearish on Euro for Thursday.
- Unclear what TL if any is being respected right now
- Series of LH+LL yesterday and today
- If we move above 3150-3178, I would like to see sellers come in strong and trap bulls
- A move below 3050 should be answered with 3025 to 3000, and again if volatility allows then 2980 or so
I will be wrong should price move above 3178 and find new support there (strong buyers), which should then propel us towards 3220 almost instantly, and continue a run up towards 3400. I will be looking for indications I am wrong on Thursday. I am also looking for indications I am right, to add to my short position.
We are back where we were yesterday around the 1.3126 level. If we can get another drop from here then I would say short is good however it pushed up pretty fast from the 1.3060 level. Looks like a retrace on the 1 hr but another 10-15 pips and I would not be so sure. 4 hr is rolled the same as yesterday. Last 4 hrs failed to make a new high.
Mike - Did you add any to your position today/overnight as it dropped...?
Add fib channel starting on 4 hr chart highest bar high of 4/2 (08:00 GMT -1 for me) From that high to high on 4/12 (20:00 GMT -1) Then parallel from the low of that 4/2 bar then add fib ratios .618, 1, 1.618, 2.618
Seems to respect this. My comments about 1.3126 will make sense as well.
“Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.” - Dr. Seuss
Long term says still bearish here . Short term is a mixed bag . Im following along on the 1H and got short @ 3144 , it went in my favor 1x risk , now its getting bullish and I could just bag a B.E. for my efforts .
I wouldnt hold anything short over the weekend (too late now anyway) . Weekly has plenty of room up to that trendline around 3400 . Im only looking to hit singles and doubles , just get on base and take it from there .
. I'll try short around 3200 down to 3150 area . Should be some G20 reaction on the last day of the meetings .