ok, been outta commission for a while. Here is my analysis from last week updated. Lookin' good. Ready for a big move - which way?!?
It does look like bull flag on the daily. Also the pennant's current range is continuing to narrow, which suggests a break very soon. Because it is such an obvious bull flag that means that at least a re-test of recent highs is very probable near future outcome. But, it is also factual that a lot of these high probability set-ups are preceded by a headfake and sometimes substantial ones. There could be a re-test of 1.3051 level prior to more upside. Now if that happens, buying @ 1.3051 area of recent support is safer than going Long right here. But, I could be mistaken & we might not see a re-test of a current support at all. In that case I will be trading a break of recent high.
Well, I am well cautious here, yes still short, but not really committing size. From what I can see, it is still a valid signal to be short, but considering tightening range it can 'explode' to either direction.
I was also thinking about the 4 day weekend, do you have a contingency in case it "explodes" in the wrong direction on Wed. The Ever No Liking Explosions VIPER
Ok, glad to hear of the backup plan, every trader needs one. The Ever Backed Up VIPER (no not that kind of backed up)