I initially thought I was gearing up for a sell - long downtrend, followed by uptrend, there was a break of the trendline and I was looking to sell off the retest.
Then I looked at the lower timeframe and thought of Julie Hatch - from 8am it had moved down and failed to break below 135.50, apart from a few wicks. So, I bought ...
Now I'm not sure - the buy may...
Was in consolidation yesterday. This morning did not improve the previous high, came down towards 135.50 but PF supported and it tried to go up again. Reached the previous high and came down again. This time it smashed through PF and 135.30 with a couple of engulfing candles.
Sold off 135.50. SL covers that and PF.
Downtrend turned yesterday and retested the PF before confirming the new uptrend.
This morning uptrend has continued with price testing and coming up off 1.6050.
My buy was a little late, but I feel the uptrend is strong enough to make it a good trade.
Buy
Market went sharply down from London open, but some wickiness as it approached 136.50. Off the PF median line.
Has been a big engulfing bull candle, but wickiness as we approach the 62 EMA.
Could go either way.
