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 ?
8am London Open - 3am NY - and scalp sell under 2300. Similar set ups on GU and AU.
On the EU we have the high yesterday of 2324(ish) so if we are going to try higher for 2350-65 - then we have to break 2325+
2285 would be showing a LL and so more likely then to try lower - giving a range atm between -2304 and 2286 - 18 pips to stay in before showing a clue.
Have a good Tuesday
8.30am UK - 3,30am NY - daily target met - day over ;-)
However too early to stop trading - case now of reviewing 7-10 mins after half hr on price of EU - GU - AU - to look now at next set ups which might be different during the next hr - as these moves might have just been to throw bulls of the scent.
2281 became a low and 2283 HL and scalp buy
My range now is 83 to 97 - 14 pips for next clues - ie above 97 will try 2304 and higher - whereas under 2283 will take out 2281 and then try lower
After GU news at 9 30 am - all are trying up. EU as 3 LL's at 2323 -2321 and 2320 - will we have another one or not know ?
Isn't it great Peter when you take a tiny little pause from your screens to blink and just at that precise moment price makes that wooshing sound as it zooms up and you're just sat their watching and thinking wasn't I supposed to be in that trade . . . ;-)
Midday UK time - 7am NY - above 2311 scalp buys but need highs to go. Under 2307 more down.
as per my chart i posted it reached 1.2335 whats next's a big fall to 1.2200 area or more up
Hi Elan - I only got 2333 but that was close enough to your target. Price now at 2307 - and need over 2322 to say its trying again at high - or under 2298 to say more likely trying lower.
Confirmation though can only take place at 2279 and 74 that its a down path and even if we go over 2335 we still have main resistances at 2350 -65 areas that might effect a go at 2400.
US opens in approx 2 hrs will give us more clues
agree peter i prefer 88-84 it has been held strongly in early london session.. so i believe a breakof 88-84 ll break 79 easily by a huge fall