My analysis was accurate enough. We can analize the next 4H chart and see what happened. Price bounced back to test the 1.5440 area with a lot of struggling to the upside, even though almost reached the 1.5500 area just 3 pips shy, then, a big drop to the down side. My target was around 1.5101/15 but price didn't reached so well. As expected, we see a lot of congestion around 1.5200 which was a previous swing low as a certain resistance area, but price did break it and go lower, although not as low as I assume. Price bounced
back with an upward movement from the wednesday low @1.5125 but this is not so far away from my 1.5101/15 estimation.
I've drawn a parallel channel now, which seems to be in place. If we had seen a break of the monday 26th high of 1.5497 (or thursday 15th high of 1.5523), price definitely could go higher, but in its upward movement price found resistance around the 1.5350/90 zone. Because of that, I'm still bearish. My original target of 1.4797 (march 25th low) should be tested if a break of the channel happens to the down side. My immediate target right now is the 1.5024/15 zone, but let's see if the lower line of the channel supports and price bounce to test to upper line again. Price could found some resistance @1.5100, though. Tomorrow we'll see if price drops.
I'm starting to understand a little bit more about this. But, I'm more aware that my "system" is not a real system yet, that's why I'm still aside of the markets. I definitely need a entry strategy, accurate enough to be consistent in this venture. Timing, another annoying variable to the equation...
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