Anatomy of Oz Big Range Day!
Monday and Tuesday this week saw pivots missed by AUD/USD. Wednesday pr topped and reversed just after midnight (01.40 Asia) long upmove that started 11.00a on 15 Aug. Prior day range High to Low was retraced early Thursday @ 01.40a but did not exceed 76% fib-level. Previous weeklong move higher saw violent pullback starting early in Asia (0700) Thursday. 0500 bar (when new pivots are drawn) made sure that Thursday pivot was obviously hit with wide ranging 15m bar and then decline developed with real move starting @ 0700. I recall a lecture by Larry Williams when asked about the characteristics of a "Big Range Day" and he replied, "They start early and just go!" This was a textbook example and hitting both previous missed pivot days in one is also typical. Wednesday delay was big boys accumulating for event. Also quite typical is late turn away just before final destination of Weekly pivot. Major action today was contained in Asia morning session 0700 - 11.00a with those 2 daily pivots hit but weekly pivot as yet is still virgin. Expect this will also be tagged by end of trading this week.
Note
Patience was required to stay with concept of missed pivots quickly revisited (in particular 2 consecutively) thru Wednesday and hold short in spite of near takeout of Wednesday Hi early Thursday @ 0140a.Observation, development of methodology with high probability of repeating, execution and refinement with patience to let action develop is needed to stay alive as a trader!
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