- Formally killing my long-held call of ISHS for weekly EUR/USD now. (Action taken on 21Feb at 1.3286).
- Monthly : Useless chart for trading.
- Weekly : Pulled back too much to hold onto the ISHS. Give up.
- Daily : SHS downside objective remains 1.2880.
- Trade : Have just squared off most of my short EUR/USD risk (at 1.3081) to leave just a token position for this remaining move.
- Better to conserve firepower for other charts (eg GBP, CAD) where there is a nice long term force imposing itself in tandem with the shorter term story. Here, I am left with the daily only.
- Similar story for the USD/JPY. There is a distinct possibility that last month's candle is the middle candle (shooting star) of an evening star (= top) pattern. So will leave it alone and see how this month's price action plays out. Revisit in April. In hindsight, it was the correct decision to stay out after ISHS objective was met so avoided completely the risk of being caught by the recent plunge from 94.75 to 90.85.
3 comments:
Short USD/JPY at 92.55
Note 94.74 to 90.85
50%F = 92.80
38%F = 92.34
Bought back balance of short EUR/USD at 1.3011. All square now.
Switched short EUR/USD risk into more short Copper and cable instead. The latter 2 have more downside potential.
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