It's not the end of the day yet, but if the chart would end up where it is right now, I would have to say that this is a shorting opportunity. (It certainly would be below the recent reaction low, but that's quite a ways off. I will short at end of day if this stays this way. It's not the absolute strongest shorting chance, but it's worth probing.
As an aside, it looks to like we are on the verge of major moves beginning in almost every currency. My view is in favor of dollar strength against the majors. I may change my opinion, but that is my opinion for now.
There will be some bouncing of the Euro FX here most likely. I still look to enter short at day's end unless the bounce is such that I feel momentum down is lost.
I did not enter, but am watching the hourly chart very closely for a good short entry. The daily chart says sell and I will wait for a better entry than there is at the moment.
I continue to think the Aussie is ready to explode. I favor an explosion to the downside. Keeping my stop at .7776 for now.
Was looking at that this morning, that was certainly my conclusion, setting up for a powerfull technical break. Good luck
I went ahead and entered short at 1.2810 on the Euro FX. There may not be a better hourly entry. If there is, I will add to my position there. Stop is at 1.3026
What's your time horizon? Would you care to say a few words on how you determined your stop loss on this trade? Thanks.
Time horizon is until I get stopped out. This could be a day or several weeks or months. The stop is outside the recent high on the daily chart. If the market moves down, I then move the stop outside of new reaction highs. This type of stop placement keeps me in trades and usually turns into a trade that is 3 or 4 to 1 in terms of what the winning trade wins compared to what the losing trade loses. On the occasion when I catch a good trend, this becomes 7 or 8 to 1.
Well, my entry on the hourly chart was not any good, however on the daily chart, I believe it to be a good entry. I do however see the chart beginning to set up up here intraday for the better short entry where I can add positions perhaps.