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Aud bounced perfectly, but due to news, so I don't have that much faith in it. In your experience Bouraq, should we expect a full retrace and another hit to determine a break or hold/bounce?
Stephen, whatever I say would be only speculation so please don't take my word for it. Yes normally news induced moves are retraced. HOWEVER, this one went down first and then up. It didn't shoot up without looking back. So the answer is 50/50. Sorry for not being of any help here.
Another educated opinion is always a help :) Anyway it looks like it's currently in a bear flag with the next leg down targeting a classic fib retracement level, so if one were to get in long again, it would be there imo. Sl a few pips below the channel.
Aud bounced perfectly, but due to news, so I don't have that much faith in it. In your experience Bouraq, should we expect a full retrace and another hit to determine a break or hold/bounce?
ReplyDeleteStephen, whatever I say would be only speculation so please don't take my word for it. Yes normally news induced moves are retraced. HOWEVER, this one went down first and then up. It didn't shoot up without looking back. So the answer is 50/50. Sorry for not being of any help here.
ReplyDeleteAnother educated opinion is always a help :) Anyway it looks like it's currently in a bear flag with the next leg down targeting a classic fib retracement level, so if one were to get in long again, it would be there imo. Sl a few pips below the channel.
ReplyDeletethanks bouraq! I miss your CL charts, are they coming back?
ReplyDeleteGreat update, Dr B, especially that Nat Gas chart! So is this a lower high, or a true breakout--we'll know soon--thank you!
ReplyDeleteI just tweeted a long entry on Natgas Geraldine. Just a small swing long. I reckon when the support breaks down we will see a bigger decline.
ReplyDeleteCL is neglected I noticed but there is not much so say apart from being in a proper strong rising channel. I will post tonite.
ReplyDelete