Long the Euro at 1643

I am seeing a nice extended move up now that new lows have been made. I got long early this morning with a full position. I will run for cover quickly if I need to.....

I was just wondering if anyone else came to this conclusion.

VT

 

Yep, I just entered long aswell. False break lower IMO.

 

I went long at 1.1665. If the EUR/USD continues lower, 1.1575 should be next support. This is where I would put a full position. This is also the 200 Wk. SMA

 

mmh you nailed the very low of the spike down pretty unusual in trading

 

I like to have my target in mind when I do this, but it is a tuff call in this environment. I will just try to work it as it goes. Damn JPY is unbelieveable. Need R4-R8 on my charts

 

Put in a long too. Where are you guys going to take the profits?

Thanks

 

I got out at 1705. Could not take the turbulence. I do feel we are headed higher though and will re-enter on a clear break of 17.

 

I'm not in the EUR/USD yet. But I agree that it is most likely about to head up possibly for the next 3-4 months.

I'm waiting for further confirmation but you guys are probably in a good position to hold if you want to stay in. If it does pan out you could trail your stops and keep adding lots.

 

I was just going to post a chart and a thread about the euro but I'll just add here.

On the hourly there were three false breaks lower over the past few days (the last one someone here mentioned they went long at...nice).

To me, these false breaks lower are def. looking like the Euro is finding suppored and there's some buying going on at a discount.

That, combined with the daily chart....showing the Euro in a downtrend but quite extended...over one standard dev. away from the linear regression I was using....leads my pea brain to believe its time to patiently scale in some longs.

 

two other things I was thinking that I thought I'd mention. First, each of the three lows on the hourly chart were touched and quickly recovered....it wasn't as if the euro stayed there for awhile. As soon as the low was hit, within an hour it was bought back up into another range.

however, I used the word 'patiently' in my previous post because, although IMO there is enough accumulation going on for a rally, it hasn't reversed or broke any significant levels yet, so its not totally out of the question to see another run at the lows.

Just my 'wet behind the ears' analysis. Cheers.