I will start this discussion topic with EURUSD chart.
On Friday it reversed six pips below the zone. I assume it may hold for a while and give some reaction but then it will be crashed.
Just my opinion.
JI
jimkane
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I have at least five major key lines confluencing at the area. That's 'uncommon'.
JI
jimkane
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To watch the manipulators drive it over that, it will just be heartbreaking. But the bears had their little time this morning, it's Friday heading into the close, I can't see a down leg after all this up. It just doesn't seem in the cards. Yuck. I hate manipulators.
JI
jimkane
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We'll know soon. The crazy part is, I can't see passing it up, so it's one of those 'I have to do it, but I know it just won't play out' scenarios.
JI
jimkane
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This is the equivalent in poker, in some sense, of 'paying to see the other guy's cards'. You pay, even though you've lost the hand, just to know what he had. I see this as an area where I'd be willing to pay 'just to see what the market's got'.
JI
jimkane
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Here comes the tease. The pathetic part is, I know the script to the letter...
JI
jimkane
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First there's the 'So far, so good' part. That's followed by the 'Uh-oh' part. Then comes the 'Maybe it's forming the lower high' part. After that is the 'Nope, there it goes' part, as yet another beautiful piece of technical art goes by the wayside. This is all easy to avoid, just stay away from late day shorts, which, as a general rule, I think is a very sound approach nowadays (until the worm turns). But, sometimes something is so profound it requires action even when the outcome is almost inevitable.
