40 Day peak likely in, trading to the 40 Day Trough.

The Target for the 40 Day peak has been met at 1.26065 and I am currently in my last long position with a trailing stop from the bounce out of the 20 day trough marked on 07th April, the start of the cycle being on 20th of March.

As of today we are 26 days into the cycle and should start descending into the 40 day trough anytime now.

The 20 Day Future Line of Demarcation (FLD) has a median price of 1.24216 for tomorrow, this will be our cross point. The peak high will be our pivot point which as of right now is 1.26471 this gives us the target for the 40 day trough of 1.21961.

I have my sell stop orders set that the above mentioned cross point.
I trade EOD charts, and the FLD levels (Cross points) change everyday so I update them accordingly.

Comment:

My last long from the previous 20 day bounce hit its trailing SL now I have no open position in this pair.
Seems like some sort
Orders still set at the same levels for the short position

Comment:

*seems like price is retesting the speed lines(C-fork) from below and we are on track to form the 40 day trough

Trade active:

Short entry Triggered @ 1.24565

Comment:

Apologies (if anyone does read,lol) forgot to update, the closing price line chart crossed the 20 Day FLD on the 18th, Median Cross point 1.24705, Pivot Point 1.24705 gives the Target for the 40 Day trough as 1.22939.

As mentioned above my short was triggered (based on price action of lower Time frame), still in that trade. will obviously scale out and move SL as we move along.

32 days in the cycle as of today, expect the trough in next 2 days.

Comment:

*the pivot point above should be the peak ie 1.26471

Comment:

1/3 of the position closed as the trade has reached half way, SL moved a little above Entry price

Trade closed: target reached:

another 1/3 taken off the table as true cycle was hit, now only 1/3th left for lottery trade which will have a trailing Stop.

PS : Will publish a new Idea for a long position towards the next peak