Since the weekend report, price has pushed up through the thick red weekly trend line and then retraced strongly. The retracement may not be over as the trendline is still facing downhill but with price just under the green daily FLD and the weekly donchian channel high a good 60/70 pips away, I am looking for buying opportunities today to start dragging the trend line around with the light pink monthly FLD providing support.
I am looking for a low SMI cluster to provide an upward thrust with low risk that takes out the 2hr & daily FLD in its wake. Although there will be a tendency then for these to be retraced as the My-Wave forms (just like GBPUSD overnight), the proximity to the two FLD's and the gap to the weekly donchian channel top, leaves room for a short term reward. I am long here for half allocation accepting there could be a bit more downside till the 2hr FLD breaks up.
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