For me, more interesting fact is Sive Calling it's risky to join the upward move and saying he would wait till it hit the price level to join the downward move.
Anu,
I agree but we did not really even hit "price level" to join downward move.
After we had major thrust up, about 90 pips, and after just hitting 127.2% extension with ONE BAR on the 4hr chart, MOST would suspect (at least I did) upward move would continue, AT LEAST to 161.8 area + WPP and maybe even hitting k-resistance on 4hr.
The fact that there was ONLY ONE BAR UP and hitting 127.2% extension and then we see a 140 pip down move that has even retested the lows AND went below it is very interesting in my opinion.
The truth is that I cannot dream to go short on a strong up move like that but someone like you can do that. That is because you had a Bearish view all this time.
How could you predict this move? Is it just the development of the Weekly flag? I dont know if I will ever be able to spot something like that. Is it all hopeless?
Maybe Sive will have different opinion but for me, it was hard to join the downward move. It was very fast and unexpected.
At first, I thought it would just be a 3/8 retracement to 1.2840 level of the thrust up but obviously that was not the case.
I do not think it would have been logical to enter short @ 1.2870 area (which was the high) because:
1) ALL intraday charts bullish
2) ONE big thrust up and we hit target of 127.2% extension for hourly AB-CD.
3) Not yet touch WPP, or even minor 5/8 resistance, or even k-resistance on h4 - all these targets were ~25 pips higher
Also, for the DRPO, for me at least,I believe it also would have been hard to enter short based solely on that pattern because first of all, it was on 15 minute chart. Second of all, target of DRPO which was 1.2830 was INSIDE the 38.2 + 61.8 support of the swing up that we had during elections last night. This led me to believe that it could just be a retracement down to 3/8 support or MAYBE even to 5/8 support and then continue to the upside and eventually hitting 161.8% extension of hourly AB-CD, WPP, and k-resistance on 4hr TF.