Each line is 5 points. The 70 line is there, but I had cut off the 30 line when I posted the chart, so it has not reached the OS line yet.
Looks like the Yen had a little umph to the downside even in the face of the other bullish time frames. At least you got a little bit out of it-- I would still think that there would be a long opportunity in the near future and as there was a stall there, you probably did the prudent thing.
.8602 as we speak.... In the daily chart below, you see the overhead MA resistance I was referring to. The second to last green candle is the trade activity for 9/5 Tue (the red candle is the start of the afterhours).. I shorted at 8656 and the blue MA line was at 8664 so I had a mental stop just over that line. It spent an hour going sideways so I got impatient and took a small profit. However, the intraday chart shows that it never got over 8657 asnd I should have been more patient or set the stop limit and walked away lol... I knew I had to get up from the computer in the morning so I cut and ran. Will not complain though. The set up and parameters were great, I just pulled out too soon :eek: lol
I really think that the Pound and the Euro FX have weakening weekly charts. In fact, the Pound had a fairly strong down day after attempting to test the high from August 8. That attempt so far failed with a lower RSI peak. I would look for opportunities to sell the Pound for a while here.
Coach, you didn't happen to be in the Yen recently when the market moved 200 pips or so in a few minutes and came right back did you? ( I think it was 7/4)
Weakening weeklies eh? I tend to agree on the Euro. On the spot it can't even make it back to 1.29 on the past two most recent rises. 1.28 cash still holding short term but looks like it's going to cave at least to 1.278 maybe 1.275 (spot) for a retest/breach - my guess would be sometime before noon today. Currently at 1.2813 bid EUR/USD, 1.2822 EURFX bid.
Short entry opportunity coming in the Euro i think. Move from 1.2841 to 2825 and retracement to 50% fib right now at 2832 in rising wedge on 5m snd 15 charts... Looking for breakout lower to short back to 2825 levels perhaps...
Long the pound on a quick pullback at 8904 with a stop at 8896... Bullish entry on 5m and setting up on 15 min chart. Will post chart shortly if I can.