Move stop loss to entry level; price has been as low as 1.2113. Seems like we have (?) a possible support line on daily charts, break of which may accelerate the downside movement, thus triggering 1.1960/70 as first level, followed by 1.1850/70. I have switched my target for this trade to longer term and set t/p at 1.1870. See you tomorrow, Rezo
Hello Everyone. Well, euro retested the levels below 1.21 - the line I pointed to in the last chart seems to have some effect and in addition market remembers well the bounce of the 1.2050/60 area in the begining of this month. Memory is still fresh and that area is a support at the moment, which in case of a break may trigger 1.1960/70, followed by 1.1850/70. Yesterdays short position was closed over the asian session for zero result, and even though we see quiet a nice rebound (euro is currently trading at 1.2175 after retesting yestersay high 1.22+), I will attempt to short Euro once again. Dont know exactly whether or not will I be entering both short term small 50 pips target and for longer term target or only 50 pips tgt, but it most certianly looks like I may reenter this one. I will post. Good Luck!
sold also for longer term target at 1.2160 with 60 pips stop at 1.2220 and target at 1.1870 Good Luck!
short term trade just booked 50 pips of profit at 1.2112. Long term trade still open - move stops to entry level now when its more than 50 pips in our favor.
You have an excellent journal. Was wondering what broker & charting u used? Do u trade futuers or the spot? --MIKE
Hello Everyone, its a fine Sunday, 28 of March afternoon CET, and lets take a look at where market is standing right now after its close last week and before its opening for the next one. EURUSD[b/] Lets take a look at the updated daily chart that I posted couple days ago. As we see, the trend line which is supporting the price is still not broken, and I am afraid that if we don't break it soon and the break of the triangle will not do its part, it may be the end of USD rebound. Having said that, there are many indications price will continue moving down. Maybe not in a very strong pace, but still. The fact that we have the supp line which is pointing down is one of them.
Another indication is that we indeed broke the triangle. And even though its not that good of a triangle, it is still a good sign. I am saying that about the triangle, because if we zoom into the 4 hour chart, we see that triangle was formed, made a false break up, came back, forming another "triangle" (or continuing the previous one) with followed break down. In terms of triangle being in cards is - its not 100% correct, because triangle was broken for the first time, but the fact that it was broken up and it was unable to move up with followed selloff is a good sign for the bears. So in the end it is even strengthening bears stand. Still, the market was in physiological stage which on charts is described as triangle (more or less), and we should expect at least similar behavior after its break down. But even if we leave the triangle aside for a moment, we still broke (downside) the line which was a support line. This is an important moment. We were in that formation from the beginning of this month, and now finally getting out of it (hopefully its final), we close the week below the trend line and the consolidation range. And so, this is a good indication that market may move lower. The only thing we need to do in order to accelerate the move towards 1.1960/70 and 1.1850 is the break of the line on daily chart. Now lets take a look at the fibo levels in order to show why 1.1960/70 and 1.1850.