We have an interesting scenario here, with the possibility of Nikkei topping, and the Euro on the verge of being devaluated by the ECB's monetary policy. The setup offers a great risk/reward ratio, so I wouldn't hesitate to take it. Target is the AB=CD completion from the top to the current sideways range, but it will probably offer plenty of shorter term opportunities to scale in and book partial profits along the way. Good luck!
Selling any small rally here, keeping a tight stop and 1% risk.
IvanLabrie
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As long as price is above 128.834, we can expect to hit the dark red square.
There'd be an uptrend timer running if today stays above the highest low level, so I'll wait until that expires or is invalidated by either not reaching the target on time or crossing down below 128.834 to short this pair again.
RgMov shows there's resistance ahead, and room before reaching a new 2 month high (which would change the bias to bullish).
IvanLabrie
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Weekly offers little clues...when your multi-week short target is reached in one week, there is a high probability reversal chance, and that's what's going on right now.
Daily shows a strong bullish reaction, we need to wait to continue shorting this pair, or chance stance if the weekly mode is retested above.
IvanLabrie
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Cancelled pendings, waiting for news.
jangseohee
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price hit my megaphone target, and overrun the big neck line a little bit
bullish divergence bounce it back big time, but megaphone resistance could still in play
jangseohee
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momentarily broke back up the lower megaphone line after IHS
IvanLabrie
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If we cross the black line down, we won't see a retracement, if we don't, we can retrace to the next red line, or move sideways for a while before continuing down. I'll update with a continuation setup in the daily once I see it.
Target remains in force:
IvanLabrie
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I'll place this order now, missed that spike.
IvanLabrie
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jangseohee
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i don understand Harmonic at all :-)
have you seen me using even 1 time ? :-)