[ist]

I took 5400 long as it price retraced nicely to 38% of the daily pin bar from Thursday. I would have entered closer to that level if I could but wasnt at the desk. There was no such retracement on Friday (only 96 pip range) so many were expecting a retracement and saw it as a buy signal. I exited at 5550 as I am not convinced that price will go further back up yet. 5590 levels are key at the time though.

In fact I am expecting more consolidation and ranging for about a trading week. Price may edge higher but it seems to me we will have an upward sloping range(56&5700/52&3000ish) for a few more days.

Beyond hat we will trade the signals, but so far I read wave 5 as completed and will expect USD comeback.
IST