So I mentioned last week (www.tradingview.com/v/M1etUDTa/) that we were sitting on the Nov. point of control and that we would likely rotate higher if we held those lows around 3514 area. The market broke shorts in that area several times indicating a bottom there and provided several good longs for me this week.
Good PMI's came out this week and sent the Euro squeezing higher as all the shorts that were piling up at the POC got squeezed. We came just a few pips shy of the Dec. point of control.
I am expecting that we rotate lower to a 50% retrace and also test the Jan. point of control(POC) before going up and pushing above the Dec. POC. Once we break above with conviction we should retest the Dec. POC from above and then use it to pivot higher and explore some new highs. Now far and how long those new highs last is anybody's guess. We will have to see how price reacts once we get into new higher territory.
Market Profile: gyazo.com/7134e06d3a...c17b1e7fb9c7194a8d43
Good PMI's came out this week and sent the Euro squeezing higher as all the shorts that were piling up at the POC got squeezed. We came just a few pips shy of the Dec. point of control.
I am expecting that we rotate lower to a 50% retrace and also test the Jan. point of control(POC) before going up and pushing above the Dec. POC. Once we break above with conviction we should retest the Dec. POC from above and then use it to pivot higher and explore some new highs. Now far and how long those new highs last is anybody's guess. We will have to see how price reacts once we get into new higher territory.
Market Profile: gyazo.com/7134e06d3a...c17b1e7fb9c7194a8d43