So back to my original point to perhaps shed some light regarding the float and price that can perhaps be of insight to the original poster before this clown came in bashing me.

Here we are now having dropped another 100pips just hours after I noted the meeting of ascending/descending highs/lows near 221.40. I noted I would prefer the short side.

The float would have concluded its cycle near 221.40, as it simply makes note of recent highs/lows. Your eyes could do the same thing and allow you to view a larger time frame chart, which helps us see the whole picture instead of trading inside a box.

This clown bashing me can try to portray me as pompous and almighty in my mind but I'm just trying to share some experience. I win and lose like everyone, included the best in the business.

This does not detract from the fact I have experience. I am only trying to be helpful when not attacked by losers like this malcontent.

The float will make note of 219.65 and 219.44 next if the selling continues, which I do not believe it will do much more for now. But you can see them on a 4hr chart easily. The float just tells you price is getting there, but you can see that.

I actually traded the float purely by itself a few times and watched it hit the marks perfectly and signal a reversal, price kept going. Float does not tell you its safe to reverse, your visual of price behavior must do that.

An MACD will operate somewhat in kind. It will capture a trend within the trend but when its volatility time the macd has no clue whats going on. This is why its important in my view and anyone whos been whacked by a sudden 60 point burst thats done in a minute to be able to trade outside the smoothed/indicator driven box and become comfortable with guaging price in other ways. Perhaps even if only as a addition to an indicator driven method.

Boy what a jerk I am for being so pompous.

A few key levels to make note of I find more important than the float:

218.40
220.20
221.85

Midway through the US session we have building chances for 223.25 to act as a floor. At some point after the pair is bought if it returns to this level, the float will do its thing and gradually tell us we're coming up on that level.

If the level breaks down the float indication that the cycle is complete will be 100% wrong. Its a 50/50 chance. The tool is only for letting you know what you should bring yourself to already to be able to see ... key levels where price once stopped and reversed.

Edited: Meant 219.25 not 223.25.