When the new lows are in making, this usually means that some sort of channel will be formed, probably horizontal like in last August. For start I charted this 150 pips wide channel - we'll see if it will be respected.
Because of the new lows, there is very bullish sentiment (more than 80% at the time of writing), so I'm siding with bears. Current level is not optimal for opening longer term positions, but for short term trades I'd shorting it until the channel bottom. There's also no significant news until Thursday 1 AM (CET) when Lowe will be speaking, so there are three full days for making pips without bigger turmoil.
If I'll have time during London and NY sessions, I'll be playing around with point and figure chart, which was presented during test live stream last week here on Tradingview and got my full attention. Since I use free Tradingview plan, there's no P&F chart on lower time frames than daily, so I'm using my broker's web app for this - this means no sharing and caring P&F charts here :)
Monthly chart for perspective where we are:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Because of the new lows, there is very bullish sentiment (more than 80% at the time of writing), so I'm siding with bears. Current level is not optimal for opening longer term positions, but for short term trades I'd shorting it until the channel bottom. There's also no significant news until Thursday 1 AM (CET) when Lowe will be speaking, so there are three full days for making pips without bigger turmoil.
If I'll have time during London and NY sessions, I'll be playing around with point and figure chart, which was presented during test live stream last week here on Tradingview and got my full attention. Since I use free Tradingview plan, there's no P&F chart on lower time frames than daily, so I'm using my broker's web app for this - this means no sharing and caring P&F charts here :)
Monthly chart for perspective where we are:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Trade active
Small short also here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.