One of 3 things could happen this week. I am waiting to see how the next few candles print, but it looks like it will be a great trade for the middle of the week. It could bounce off the trendline and continue up on the purple line, or it could smash all my hopes and dreams with the green line. The most likely path it will take is some sideways/downward movement to the .5 fib retrace and continue upward in the channel it was in prior to the gigantic golden rise of hope that netted us a tidy profit.
Long story short, after a big rise like that its looking for some support. I think it wants to hit that trend line at .5 and continue up. It could also potentially bounce off the first trend line and move up. We will be watching this pair.
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Update: Still not touching this one yet, but it has eliminated one possibility, bouncing up off the trend line. It has entered the channel and has not yet broken the fib level. I will wait and see if we have sideways movement before it rises in the channel, or if it breaks and continues down to the next major area of S/R @110, just above the .382 fib level.
"The natural human tendency when we see a pattern is to predict/expect what may happen next. This is a powerful ‘unconscious’ urge.
Markets are chaos. We may see patterns in the chaos. All chaotic systems form patterns. The patterns are meaningless to the chaotic system. Patterns have meaning for us, in that they represent probabilities. But the chaos does not obey patterns.
In trading we should care less about prediction! We should be more like ‘robots’ simply playing strategies to exploit the chaos of markets. We cannot predict what will happen inside chaos, though we may have certain expectations.
We have learned to manage chaos in washing machines, internal combustion engines, computing devices, rockets and aircraft. We do this by imposing special structures on these things – and use special algorithms or computers that react to manage the chaos. Successful traders become expert managers of chaotic patterns.
In trading we are straining our brains to find a discipline and structure to manage chaotic markets. The vast majority fail at such a god-like task. Success means tremendous rewards. Very very few succeed." Found here: goo.gl/DFbNCM
"The natural human tendency when we see a pattern is to predict/expect what may happen next. This is a powerful ‘unconscious’ urge.
Markets are chaos. We may see patterns in the chaos. All chaotic systems form patterns. The patterns are meaningless to the chaotic system. Patterns have meaning for us, in that they represent probabilities. But the chaos does not obey patterns.
In trading we should care less about prediction! We should be more like ‘robots’ simply playing strategies to exploit the chaos of markets. We cannot predict what will happen inside chaos, though we may have certain expectations.
We have learned to manage chaos in washing machines, internal combustion engines, computing devices, rockets and aircraft. We do this by imposing special structures on these things – and use special algorithms or computers that react to manage the chaos. Successful traders become expert managers of chaotic patterns.
In trading we are straining our brains to find a discipline and structure to manage chaotic markets. The vast majority fail at such a god-like task. Success means tremendous rewards. Very very few succeed." Found here: goo.gl/DFbNCM