Recap 1-2-3 buy off Y-1 in the beginning of the week pushed cable back up to also Y+1. Yet it was not strong enough and sold off from 1-2-3 sell breaking Y-0. That gave way to Y-2. Cable finally broke down by end of the week and almost tagged Y-2. Closed the week near week low and Y-2.
Outlook Never got the chance to test Y-2 until the end of the week. Multiple tries at bottoming out last week all failed points to the potential of a flush more significant than I first thought.
Same strategy like last week, looking for a quick flush that snap back up and hold B-1 to go long for at least a push towards B+2.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Tricky week indeed. Dow opened above Y+1 invalidated the normal pullback scenario. Y+1 acting as support since and eventually led to end of week rally to close at month ...
Lawrence's Comment
Recap
Consolidation week. Centered around open in 50% previous week range. Found support at previous week close. Closed the week above Y+1 and near week high.
Outlook
Overbought by time. ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
GBPUSD Mar 11 to Mar 15 Outlook
Lawrence’s Comment
1-2-3 buy off Y-1 in the beginning of the week pushed cable back up to also Y+1. Yet it was not strong enough and sold off from 1-2-3 sell breaking Y-0. That gave way to Y-2. Cable finally broke down by end of the week and almost tagged Y-2. Closed the week near week low and Y-2.
Outlook
Never got the chance to test Y-2 until the end of the week. Multiple tries at bottoming out last week all failed points to the potential of a flush more significant than I first thought.
Same strategy like last week, looking for a quick flush that snap back up and hold B-1 to go long for at least a push towards B+2.
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