We are just now getting near the 20 MA. Good pullbacks where you can establish a new reaction low or high are generally at or violate the 20 MA. At the moment it is ordinary pullback in an uptrend. Could this be a real reversal? Certainly!
Well the most buyable pullbacks are the scariest to touch, so it could bounce big here -- just not gonna bet on it.
The nice thing is that I have been fortunate to be long from quite a bit lower and can stand in there. The person that hopped on a few days ago is needing to jump off. I don't necessarily like what I see, but am deferring to longer frames here like the weekly. Looking ahead on the weekly, I can certainly see a potential of the blow off top and reversal, but that isn't there yet either. In fact, so far this week , we are only about 30 pips down from the open Sunday night. Today and tomorrow will be interesting--no question about it.
It's very difficult to project turing points in advance, but I can say that I see a correction starting @ 1.3145 with at least one more move down, maybe more. If there is more than one more move down, it will be a sizable move.
Do you know what fellas, what is more interesting is to hear the reasons behind the trade decision so we can compare and analyse/criticise, unless you are using a proprietary system