Bit too early to tel Riko,
Could be a line could not.
What I am observing is that from the last high the correction was only appx 35 USD. Thus I deduce there were resting shorts around this level, as well as some profit taking or "load lightening" for end of month and end of quarter to show profit on the big boys books for their customers. As Beeb has kindly mentioned to everyone.
Yet, 35 is not much of a correction and we have a nice rounded curve coming up into record high levels again.
I personally will be looking for a new High. Friday is not the best day to make analysis, yet it is the first of the month...
Looking for 1505 and 1530 next.
I would only short well below 1380 for a multi day position. Haven't been scalping much lately, even so I trade in the way of the trend which is up. So the majority of the scalps would be longs anyway.
Now with GBP/USD one day it's up 100 pips the next day it's down 100.
Until it has a 300 pip break it's not bad for swing trading if you get in at the right level.
THe USD has tried to stage somewhat of a reversal last week, yet it seems to be fizzling out into mere correction.
Could be a line could not.
What I am observing is that from the last high the correction was only appx 35 USD. Thus I deduce there were resting shorts around this level, as well as some profit taking or "load lightening" for end of month and end of quarter to show profit on the big boys books for their customers. As Beeb has kindly mentioned to everyone.
Yet, 35 is not much of a correction and we have a nice rounded curve coming up into record high levels again.
I personally will be looking for a new High. Friday is not the best day to make analysis, yet it is the first of the month...
Looking for 1505 and 1530 next.
I would only short well below 1380 for a multi day position. Haven't been scalping much lately, even so I trade in the way of the trend which is up. So the majority of the scalps would be longs anyway.
Now with GBP/USD one day it's up 100 pips the next day it's down 100.
Until it has a 300 pip break it's not bad for swing trading if you get in at the right level.
THe USD has tried to stage somewhat of a reversal last week, yet it seems to be fizzling out into mere correction.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News