Replies to post #123432 on Simple's Green Room

[pennies2007]

GU 4 Hour Chart

This chart gives the best view, Qui. Currently testing the 78.6 fib after the 88.6 fib finally rejected it. Target of 1.5780 is likely. Strong supply zone with the bottom at 1.6150 so any rally back to that level is where we want to short it again or add to existing short positions.

[pennies2007]

GU 4 Hour with Supply Zone Marked

And here's the close up of that supply zone I mentioned Qui. 1.6150 was support and now it's turned into resistance, which is confirmed by the breakdown of the demand zone which is now a supply zone.

I'll definitely be short at 1.6150 on any rallies.

[pennies2007]

GU Hourly Chart

Here's the hourly zone I mentioned. Again, these zones were drawn in days ago. They're absolutely wonderful.

Notice that gray zone is where support used to exist right around that weekly blue line. Now that it's broken down hard, we know that institutional sellers abound at that level. The breakdown was fast and hard so we know that there are still tons of orders waiting to be filled on any retest of that level. So we need to do what they're gonna do...short the crap out of it when it gets back close to 1.6150.