no comments from anyone about that sudden sell off? (even though we were probably all short ($) and holding our breaths as it went in our faces all morning....)
EUR/USD has been a train wreck for me. all I can figure is that maybe the institutionals are moving it up in order to pump/dump it when greenie hikes the interest rate. just a guess. USD/JPY was the eyeopener, spiking virtually straight up all night. I was able to mash out some coinzy-zoinzy from that but like a doof I opened a long at 110.65. it'll probably tank a hundred points on me now.
If you were using pivot lines, you would have realised you were in a sell zone hitting R1, and when you saw that stochastic divergence on the 15 minute, MACD divergence and that hammer, i think you would have covered your short position. Not to mention that attempt in a providing a double bottom! I think this 'sell off' was no surprise.
Or at 1.2000 for what it's worth.... Not having a great respect for yearly pivot lines and technical analisys on daily and higher time frames charts, i would stay out of using indicators to predict large moves as that really is the playground for fundamental movement, don't you think? If I am daytrading, why risk large amounts of capital to assure a loose enough stop on a trade that could even go 200 pips against me before it becomes profitable? Position traders are much more capitalised than i am, let's face it!