How amazing it is to reflect on my musings only yesterday how analysis can be askew but trading profitable. exactly the reverse was the case yesterday. I chose (at our peril) to ignore the untested DP below and place a Long order, on the back of an otherwise legitimate setup. The need NOT to ignore a the untested DP was re-inforced with an absolute smashing at the hands of PA which fell dramatically to not only DP, but well beyond – just like we said it should!! Thank goodness our strategy only allowed us to trade at small stake, thereby avoiding more substantial loss.
I’ve made slight re-adjustments to what I still believe is a Bearish continuation Flag. Pivots remain mixed with DP again untested but this time above PA. I will of course be conscious of that but should a Short setup arrive, I will play it on its merit and without fear. Indeed my bias remains Bearish as the Flag remains, if a little re-shapen.
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Have a wonderful Wednesday.