Potential Ending Diagonal Sell

FX:EURGBP   Euro / British Pound
94 6 2
Sell it now or hope there is another attempt to break above the trend line
which would give us the typical overthrow. The risk is not much larger to
sell at the top of the hours or so if this remains a shooting star candlestick .
Stops are somewhat debatable depending on your risk tolerance, if
we do get the ED overthrow of the trend line .
(As I type the candlestick is forming a gravestone "doji".)
Best of luck !!!!!
He !!! He, He, He, he !
:) Number one !!!
Think I'll head for the sidelines.
No telling what the knee jerk reaction will be, however,
the odds favor a move upward before another leg down.
Why give back 20 pips for nothing - my stops do not seem too smart
at the moment - just above the .382 fib.
Closing 2nd half of the trade for +68 pips
60 pips in the EurGbp in only 24 hours is decent return.
After the dust settles, perhaps another entry will appear.
On any other day, I'd let this trade flop around like a fish out of water patiently waiting for the t/p to hit .8353 ---
BUT, with the Fed in such an unprecedented situation I think I'll invoke a little bit of Shakespheare and fall back
upon the phrase " Discretion is the better part of Valor".(from Henry IV)
Moving stops to .84169 and if this gets anywhere near .8383 I'll close
the balance of this trade for +80 pips.
Perhaps price action will provide an entry for another leg down.
My kind of Christmas Present, especially for my ego, after a series of small losses on a few
great looking set ups. Ho! Ho! Hoooooo!
The sharp reversal has left stop placement a bit high as it could go all
the way back and test the trend line.
I think I'll take 1/2 off here @ +60 pips and let the rest go for .8350
with stops @ +13
No 5th wave over throw - YET - but, I'm in @ .8462
If this works as planned it should actually go as low as @ ,8350 area and do it in 3 waves.
Watch and wait to see how "brilliantly" he,, he,, he ,,,, this set up produces profits.
(second thoughts has me thinking I should have place the 1 on the next swing high to the right)
(but the results should be the same, win or lose)
(of course, that makes the 3-3-3-3-3 of this ED even more debatable sooooooo . . . )
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