Signorex

Yesterday's massive drop after the double top created a big downward imbalance that had to be addressed with the bullish retracement upwards to the neckline of the double top at 0.65145. A spike a little past that level for a liquidity sweep is expected followed by adjustment to the new bearish trend. Wait for a confimation signal after a failed retest of the 0.65145 (a bearish engulfing candlestick pattern in either the 15min or 1hr timeframe). A sell limit at 0.65096 with a top loss at 0.65250 and a take profit at 0.64701.

Reviewing Analysis and Comparing Projections to Actual Market Movements.

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Our 0.65145 resistance zone did not hold when the heavy shake up induced by the FOMC news happened. A huge spike past our marked entry zone almost taking out the double top set up the previous day was untradeable. Even the pending order (sell limit) order we reccommended stood no chance here. The prudent thing to do here was to wait out the news fueled swings to die down before looking for an entry opportunity. The market corrected course shortly after and resumed its bearish trend as we had predicted. Two entry opportunities were presented i.e the bearish engulfing candlestick that closed at 0.65012 in the 15min Timeframe and the one hour bearish engulfing candle stick close at 0.64981.