On the H1 chart we can see a really nice trend line that dates back from the 1st of April. This line has been significant for the last 17 days so the question is - will this line hold and repulse the BEARS. My guess is no.
Not with WR1 so close. WR1 will be targeted by the BEARS and my guess is that they will wait there to lay their ambush. Its only 30 pips from the trend line to WR1 and a move by the BEARS if they come in too soon will falter.
I expect price to be met with resistance at the trend line and we could see a few hours of sideways movement before the BULLS make for WR1. Thats where the main SELLERS will be. I'll watch the battle on the smaller time frames and either enter the market if it looks like the BULLS are retreating or come in at WR1 if my indicators give me the green light.
Not with WR1 so close. WR1 will be targeted by the BEARS and my guess is that they will wait there to lay their ambush. Its only 30 pips from the trend line to WR1 and a move by the BEARS if they come in too soon will falter.
I expect price to be met with resistance at the trend line and we could see a few hours of sideways movement before the BULLS make for WR1. Thats where the main SELLERS will be. I'll watch the battle on the smaller time frames and either enter the market if it looks like the BULLS are retreating or come in at WR1 if my indicators give me the green light.
Trade active:
My specialist indicator is now flagging this as a sell so I'm in at market with a small position. .9695 is my entry SHORT with STOP at the last high at .9724 so this trade carries a 29 pip risk. .9645 WM2 pivot is the first target but I'll put the STOP to B/E if the trade makes 20+ pips.
Trade active:
Progressing nicely - i've put a 20 pip STOP on this trade now so I'll let this run and see how we get on. I'll slide the STOP down to follow the SMA -more on this on my website