The monthly trend chart provides a clean overview of how I am planning to trade the pair; obviously not the 'b's! I think the regression channel median at about 1.3570 will probably do 'red a'.
The weekly chart is looking a mess of course, as the retracement move down from 1.3709 cut through all the weekly trend lines to get to it's FLD and the bottom of the weekly range channel. These all have to be retaken to get moving back uphill. If the new weekly trend is to catch fire, these resistance areas will be sources of stops to fuel the move. Price is currently sat under the 1.3429 Gann/pyrapoint line and I am hoping for the 1.35703 line to cap 'red a'. This also involves cutting the daily FLD, which will create further energy before a retest of the lot is needed. So this is what I hope will happen - a zip up to cut through everything to the top of the weekly price range and then a feather light flop back over the top of them all, leaving all the shorts floundering.
Daily My-wave looking a lot more positive and pushing the daily range channel having created two higher lows as discussed this morning for those willing to buy. The daily FLD sits at the top of the screen and is likely to see a consolidation (wave 4?) between that and the gann/pyrapoint line there at 1.3497. Catch up later tonight to see what progress has been made.
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