GBP trend remains down defined the Weekly 50% level....any further weakness this weak and expectation price heading down towards the Weekly lows and then the January lows....The Failure of the Weekly 50% level and the push down on Friday suggests a lower low this week, with the intraday trends defined the the 5-day 50% level and the channel lows....
Whilst trading below Sunday's lows (1.9563) expectation is price heading down into Monday's lows...
I have no probability trades on Monday;- whether Monday's lows support price or it breaks lower and heads down towards the Weekly lows...
" trading longs off support look to partial exit around 32-43 pips off the swing lows, with stops just below the lows, and hold......do not trade longs below the 5-day 50% level and the Spiral low"
My last post on Friday, price was being supported by the 5-day 50% level, that day completed 3x32 pip ranges before the 43 pip high formed and sold off breaking the 5-day 50% level, and heading down towards the Friday lows...
There was another possible trade around the same R43 pip highs later, as it was heading down towards Friday's lows.
Because I'm a Sydney Based trader, and the majority of readers are Australian based traders, all we can do is trade our timeframe, or GMT timeframe, and try and manage positions using support and partial exits around certain levels, and run tight stops.
The trade is either going to continue in our direction, or reverse during the US session, when most of us are asleep. Whilst other O/S traders can trade those moves using the same information in the reports.
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