If price stays below White ML & Lower Parallel on Major Schiff Fork by Friday good short opportunity. If they fall below green Reaction Line.....Odds go up. Let's keep a close watch.
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Recluse82
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timing is key, so this is not the right time to short it, i think, from 250-245 maybe could be a bigger retrace.Fundamentally this pair is extremly bullish and it is not gonna chanche in the near future
Timing_is_key
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You may be right, can you give me your fundamental reasons why?, Although this idea is based on long term weekly chart, this idea has a very SHORT TERM shelf life. What I mean is, if we close on our high's Friday and next week breaks new high's past overhead resistance and closes above ML and lower parallel by next Friday close this idea is invalidated and 245/250 could be correct. If we stall and close much lower and reverse next week this idea could have legs, It has been approx 13 weeks where weekly bars have closed above the open, so a lower close soon would be one obvious sign:) Also, let me be clear on one thing, When I mean " Good Short Opportunity" Proviso was Friday close at minimum and I rarely take weekly trades, if this set up on my weekly chart, the smaller time-frames Daily, Hourly would have already reversed and I would personally look at an hourly to enter short.....that's just my preferred time frame. Thankyou for your comments, I do appreciate your view.
Sincerely,
TIK
Recluse82
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240 again :-)
Timing_is_key
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Note: The green upward sloping parallel should be picking up the 3 lows......shifted when I submitted this idea?