So the market got what they wanted from the FOMC? seems like 1.274ish resistance is a hard nut to crack. The harder it gets, the more stops will accumulate above over time. We shall wait and see for now.
Last night was the second time in recent weeks that I woke up in the middle of the night to discover my order filled and market had rallied, peaked, missed my take profit level and turned back down. This time I bought my E$ at the day's ultimate low of 1.2638 but my t/p was at 1.2768, high was 1.2743 (a cool 100 pips in a matter of minutes!!!). By the time I woke up and logged in, market was trading down to 1.267ish where I covered my position. I was not expecting anything, so that was bonus!
Back to the market..... a few factors are warning me against getting too bullish at current levels:
- double top at 1.274ish
- short and longer term momentum are turning down
- overbought condition
- mild signs of bearish divergence
- stops at 1.2550/40 are still there
Despite the above, I am aware that if I went short, I am going against the trend and I must monitor the market very closely. So it will be scalp for short, position for long today.
Its downside bias for E$ today but be careful of sharp rebound. I see 1.2540/30 to hold and 1.2720/30 to cap.
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| E$ Chart |
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