Chart is of the 15m with basic Fib.
Looks like we have moved too consolidation. All impulses seem to flat line further supporting the consolidation in the near term. Ultimately, news tomorrow will be the catalyst for the next leg. Long term if we continue on this road I think we will be pushing for the 1.12 area (Weekly 200ma). Though, that is a very long ways away. We will certainly see some pullbacks before we ever get to that!
Currently I am looking for a pullback to at least that 50% fib on the 15m. (1.103) Possible deeper pullback if the bulls are shopping for discount to get back in. Anything below that 50% fib will be a decent long entry for me, attempting to get in on the next bullish leg.
We may never make it that low which is my scenario two. If this current pullback fails above the 50%, I will scalp in at the 23.6% (1.105) with a much smaller position. Timing will be key for this as news can destroy this setup. I'll only take it if there appears to be time enough for a Break Even stop move (+10 pips or more) prior to news.
Still on the Bull Train, but near term Asian consolidation will need to decide how we play London.
Good luck all!
Looks like we have moved too consolidation. All impulses seem to flat line further supporting the consolidation in the near term. Ultimately, news tomorrow will be the catalyst for the next leg. Long term if we continue on this road I think we will be pushing for the 1.12 area (Weekly 200ma). Though, that is a very long ways away. We will certainly see some pullbacks before we ever get to that!
Currently I am looking for a pullback to at least that 50% fib on the 15m. (1.103) Possible deeper pullback if the bulls are shopping for discount to get back in. Anything below that 50% fib will be a decent long entry for me, attempting to get in on the next bullish leg.
We may never make it that low which is my scenario two. If this current pullback fails above the 50%, I will scalp in at the 23.6% (1.105) with a much smaller position. Timing will be key for this as news can destroy this setup. I'll only take it if there appears to be time enough for a Break Even stop move (+10 pips or more) prior to news.
Still on the Bull Train, but near term Asian consolidation will need to decide how we play London.
Good luck all!
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