Price opened last week almost right on an extremely significant price are. We have 2 very important levels to review here. The 1st is the open of the week was within the value area of two intersecting Gann angles. Even more important is that price never traded to test it, it was a firm rejection away from that area. To give further support, the key Gann level at 110.556 also never got test this week confirming the bullish signal from last week.
I also take into consideration the moon phases according to Dr. Gann and his importance on certain time cycles. Sept 22nd is historically, according to Gann Theory, an important date for some violent trend reversals or trend continuations. So that would help confirm the probability of some continued bullish momentum.
We do have some very low volume areas at 116 and 108, if price does indeed move in the path of least resistance, any break to those areas would more than likely cause some heavy movement in either direction.
There is more risk and reward to go long here. We have been in a long downtrend since the start of the year and people with longer timeframes looking for a pullback to go short again could be waiting above. There is continued reasons for being bearish on this pair.
This idea is a continuation of the long positions that is still active from the idea on 09/11/17.
I also take into consideration the moon phases according to Dr. Gann and his importance on certain time cycles. Sept 22nd is historically, according to Gann Theory, an important date for some violent trend reversals or trend continuations. So that would help confirm the probability of some continued bullish momentum.
We do have some very low volume areas at 116 and 108, if price does indeed move in the path of least resistance, any break to those areas would more than likely cause some heavy movement in either direction.
There is more risk and reward to go long here. We have been in a long downtrend since the start of the year and people with longer timeframes looking for a pullback to go short again could be waiting above. There is continued reasons for being bearish on this pair.
This idea is a continuation of the long positions that is still active from the idea on 09/11/17.
