OK All-
Still in my infancy of learning
VSA but I have a question about GBP/USD this AM for anyone who may have access to charts- the bars in question are easy as cake to see.
This week the 1 HR Trendline was textbook upward moving. It touched the line over the last few days in an astonishing manner. All signs pointed towards my 1.9945 target would be hit this AM. Then the bottom fell out.
My question to the
VSA Pro's is Why? My theories are:
1. It is Friday and Extreme Profit Taking went on and the Non-Farm Payroll was the perfect news item to transfer to weak holders (get them into shorts for the move and the rest of the day.)
2. This is a Friday Markdown for a next week rally.
My concern is that their appeared to be no weakness in the background- no abnormal movements- just nice accumulation/distribution over the week. Then all hell broke loose this morning.
Am I reading this correctly in either of my above theories or did I just get the beatdown of a lifetime 5 pips short of my target?