Price failed get under the reaction line at lower 1.3810 and after repeated efforts down to the 1.3805 area it became apparent that the RL would hold and penetration of 1.3800 would not occur on the first attempt. We had reg divergence in the Maccy-d and using simple forks ( green) could see that a breakout upwards might occur. I had a buy stop at 1.3816 which was filled the first bar closing higher after the long 'poke' bar. Each RL worked a treat and it is a good example of why sometimes the 'reaction' is on the opposite side of the RL as in the case of the first RL in the MT chart. I was out at 1.3857 bang on the 3rd RL and under another RL that was/is almost horizontal above price and i expect may hold any further upside movement. It all ties in nicely with the E signal chart as a bounce of the new mauve mod Schiffed CL. Now i expect this go higher upon the US opening and then be sold off- but i am flat and will wait for the market to show me where the topside is.
Price failed get under the reaction line at lower 1.3810 and after repeated efforts down to the 1.3805 area it became apparent that the RL would hold and penetration of 1.3800 would not occur on the first attempt. We had reg divergence in the Maccy-d and using simple forks ( green) could see that a breakout upwards might occur. I had a buy stop at 1.3816 which was filled the first bar closing higher after the long 'poke' bar. Each RL worked a treat and it is a good example of why sometimes the 'reaction' is on the opposite side of the RL as in the case of the first RL in the MT chart. I was out at 1.3857 bang on the 3rd RL and under another RL that was/is almost horizontal above price and i expect may hold any further upside movement. It all ties in nicely with the E signal chart as a bounce of the new mauve mod Schiffed CL. Now i expect this go higher upon the US opening and then be sold off- but i am flat and will wait for the market to show me where the topside is.
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