Article coming soon about measured moves on ranges. Seems simple at first glance but as usual there is more to the story. Today we popped above 3400 and spent any form of significant airtime over the level since the beginning of the year (June/early August saw constant rejections).
On a short term basis, we hit the breaks at 1.3450, which you can see below is 100% of the previous trading range. Again, article coming, but in the context of an underlying trend, when measuring distinct trading ranges, 100% is your best friend provided no longer term magnets show up in the meantime. Originally I was seeking the high 13420’s as a target on a long, based on a trendline break golden ratio.
Also as usual, we follow the rules of 3: 1 leg to hit resistance and 2 following the break.
No more buying for me in the meantime / not enough yield. I DO have higher targets (1.3455-62) that remain though. But for the most part, any major orders have been gobbled up and flows look light above this area. Unless that changes I’ll remain flat on this pair / no conviction at the moment beyond this point.