After some thinking period, I come up with two possible Delta count (one bullish, one bearish) and of the opinion that the bullish one is more likely. I will do more thinking over the weekend and post next Monday to see if there's any other possibility.
For now, here are the two possible counts I am considering.
Bullish count
The problem and challenge in the ITD time frame is how to label ITD within the month of June with the inversion period. In the month of June, GBP USD is in a range bound between 1.58 to 1.66, and just today broke the high. If I were to label ITD within this period as per the first chart attached, inevitably the conclusion I must draw is that MTD is travelling up because we have a series of higher high and higher low in ITD time frame. The other conclusion is that since MTD is travelling up and since it breaks the 1.667 (MTD 1 high), LTD must also be travelling up. In other words, LTD 16 low in this case has arrived early and it arrived at 1.58.
In my previous post today, I mentioned that we are close to a medium term high. The bullish count described here still fits into that projection. We could indeed be nearing a medium term high here (MTD 2), and as we travel down to MTD 3 low, by Delta rule it shall not go lower than 1.58 since in this scenario, LTD 16 has arrived at 1.58.
Bearish count
The bearish count ignores the range bound period in the month of June per the second chart attached. The ITD 2 high we would achieve soon would be MTD 1 high and LTD 15 high.
The problem with this is that the ITD timing is messed up, since ITD 2 high will arrive at ITD 3 time zone in this scenario.
1 comments:
Hi, would you do some delta counts of EURUSD? It is said to be the most traded pair and so its price actions might be very representative of crowd behaviour?
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