London as just opened and we have already set a another low at for today and as I type only 5 pips off the new 2 yearly low of yesterday.
Most traders can see from their charts that the EU is oversold and so therefore will need pullbacks or retraces during the day. Most of the present pullbacks during the last 10 days have been very small with the largest approx 70 pips.
We are near the large psychological important price of 1.2200 which might be looked upon as very important. You can imagine 10-30 pips below that price a lot of "stops" that could trigger another rally. The bulls will be doing their best to keep price above 1.2190 whereas the bears do want under that - as they know the effect it would have.
Will we get there today or on the infamous Friday 13th ?
I remember from yesterday key price areas of 2261 - 71 and 85 needed to show any moves being tried as buys.
I am not keen to scalp buy yet - but would over 2224 - 37 and 45.
Meanwhile i hope you have caught some pips on this 3 hr fall of over 30 pips so far.
Will the low go now or not?
What's next then ?
cool it 1523 views................:)
I agree Elan - even though we are OS another 20-50 pips is easily possible if the market makers want it. Remember 1.2200 is an important price area and as of last 5 minutes we have not made yesterday low yet - so HL atm. We need over 2236 to confirm a turn is being attempted with then 2220 area holding
Yes under 2231 and 2236 - EU still a scalp sell.
Another new low . Still in scalp sell mode probably to hr. Would not want to scalp buy until price now over 2221.
Besides EU fall also the same on GU and AU.
All areas coming up to supports for after 9am UK - 4am NY
9am UK - 4am NY - hr change - low is 2207 atm with 2209 a HL and a scalp buy for aggressive scalpers ;-)
Believe it or not - I am a cautious scalper - so need to see over 21 and 36 to think of keeping any buy on.
Will update in 30 minutes so now unless we go under 2205 - Eu having a rest. Under 2205 i think it will try the 2200 or lower
We still have not got back over 2231 and 36 - but we have seen several minor supports holding above low at 2207. I am watching 2213 and 17 - above then we should keep trying to break the 36 area. Below then test on 2209 and low - which might then let go again for 2200 and 2190 area.
Still in the balance with 20 minutes to the hr change.
Just prior to an important hour with many larger frames charges at 11am UK and 6am NY. We have an high from low at 2229 - then a LH at 2226 - keeping to the LH' and LL scenario. This is only confirm though if we go under 2207 before 2230 - if that make's sense ;-)
If we go above 2226 then more likely we will try over 30 and my scalp target would be around 2336 -which assists in confirming further up retraces with the supports below holding.
The significant scalp sell breaks are under 2215 -11 and of course 2207
11.45am UK ( 6.45am NY ) 1.2184 present low. Significant point was 2207 break - so unless we retrace over 2208 then really it stays in scalp sell mode. I have taken scalp sell profit from 2210 at 2188 and will await next hour to review. I have placed another pending sell under the low just in case.
Holding a AU swing sell and a GU scalp sell - which will both be reviewed by the next hr.
Off out for early Lunch and out this afternoon - so will miss 3-5 hrs of US Session. EU low as I type is 1.2170. For me I would not be looking at scalp buys until over 2187 and 2195. Under 2207 we are still in a down mode with supports currently not holding long enough.
Under 2170 we have 2145-52 area as support. Similar on GU and AU - supports need to hold for any turn or retrace and you need to check where they are currently located.
Have a good US session