I sold my original position at 1.1901 for 11 ticks. I am looking to re-enter long at 1.1886. If I don't get filled, I will re-position above the 1.1907 area.
Not sure of the timing on this but the intent looks good to me. I see a possible entry around .8441 with a target of .8482. This is a tuff one to trade with tight stops.
I take it by "other reasons" you are referring to utilitarian/uninformed traders. The question is, do those buyers/sellers make good market timers to be emulated? They would probably likely be just as willing buyers at a point much lower from here as well. Just a thought.
I just got filled long at 1.1986. Same plan as before. I will watch the 1.1907ish area if we do move up. I may be wrong, but I feel the test of this area is really important. If we break thru and move on up, then we may see the 1.1980 area in the sessions ahead. IF WE FAIL at the current level or especially on a pullback to the 1.1907 area, then the levels below that everyone is talking about should be seen. If we do fail and I have to exit, I will try to post some thoughts on this also. Right now I am watching to see if spot bounce off the 1.1864 level looking downward. BE CAREFUL!!!! DRT
I just flattened out at 1.1902 on the second failure to get thru 1.1907 will look to get long above again.
1 may also consider entering long again 1.1980-1.1981. After all, we want the NY guys to have a nice spot to enter once they get settled in. Just wouldn't be proper if they miss anything.
There is a lot of selling taking place just under this 1.1907 area and the bell curve is supporting a move down from here. So be very careful with any longs until this area is broken thru and holds. DRT