The steep angle of the gains means we can expect a good pull--back over the next few days.
By George R. Harrison
The latest surge in up-swinging EURO prices is likely to take brief pause for at least a few days and pull back down in price a bit
There's presently a strong price support at the 1.1050 level which should hold as long as the latest price trend momentum is in place.
Should prices break below 1.1050, then, price trend can be expected to go lower for a week or more.
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Sunday’s slide of over 100 pips (as of this posting) certainly qualified as a good short-term & high profit-potential move.
This is meant only as an update to the previous post so that visitors can follow-thru on the trading technology offered only on this website. – George
The Longer-Term Trend for the GBP/JPY is solidly DOWN now and, this trend will probably hold for many months if not years to come.
These are exactly the type of situations that WD Gann used to write about taking advantage of.
Markets decline much faster than they rise, and so, provide an excellent opportunity for faster and more profitable trades once we get on the right side of the trend at the right moment.
With this firmly in mind, we should then scout out the prime points to establish SELLING positions with the least amount of risk possible.
Timing for the next day or two is the focal point as we’re presently in a rally.
This uptrend, barring any new price momentum, should end by Friday or Sunday.
When it does, it will have to trigger the present price break point of 157.00.
That will be the confirmation signal for the next downswing in prices.
Note, as always that this is purely an educational exercise and not an advisory or solicitation to buy or sell. Read our extensive disclaimers to this effect.
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