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When the cash market broke 1.3050 I tried to enter a pair of (6E) longs at '56 and '53, the '53 didn't fill and I didn't chase it. I had two targets, the Sell Number and a POC from 10-19, I took the high target, held on, and got my fill. I'm done.
TO me , i see more room to the upside, but little reaon for it anyway. stiil long tho!
This chart show a PRZ defined by three harmonic measurements, and R3 pivot point
I think also that it will reach 1.3030 ish, then go to 1.2830 ish before finally going to the circled area.
Proably nonsense, but there is some interesting confluence!
I've been watching these two MAs, the 200 and the 50. I don't trade off them directly but I do take note when they cross, and it looks like they might. Price appears to have honored the 200 ma since QE3 and this consolidation is getting a little "long in the tooth" according to Me. Elections, bailouts and the "alphabet soup" of ideas from T.A.R.P to O.M.T.s have been major players for the last four years but the opportunities for traders has always remained a constant.
It was not nosense after all!
however, the c point was invalidated before the target was reached. the a point remained ntact tho. anyone any thoughts on this?
We are trading right at the monthly POC and unless we see movement today or tomorrow, we will be closing within the monthly value area (3031 - 2888).
So far the short term downward channel from 10/17 is still holding, but I still see some evidence of strength building on the bigger picture charts, so I am still leaning towards a bullish breakout. Time will tell.