I was looking for a Sell down to continue on Friday. There were a couple of confirming set-ups playing out over the past 2 days, and a high probability set-up that the 3rd day would continue down, this was even confirmed on my part with my systems.
But what had happen was that early rotation upward and close above the trailing resistance line change the intra-day cycle.
There was an early push down, but it simply tested the cycle lows and moved back above Friday’s Risk levels..
For those traders in Shorts on Thursday after the first ‘exit’ once back above the Risk level all traders should be in neutral positions.
The Weekly 50% level is the trend guide for next week, whilst price is above that level the expectation is that the market is heading upwards.
But whilst that set-up didn’t eventuate on Friday, below Friday’s lows next week, and below Weekly 50% level, the trend is down, and a similar pattern as GBP this week.
For Monday I don't have a set-up as yet, otherthan respecting the current trend defined by the Weekly 50% level..
Read GBP below....
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