IvanLabrie
Short

EURUSD: Time to go short

FX:EURUSD   Euro Fx/U.S. Dollar
284 15 10
In this chart I describe my forecast for the coming month.
I expect a retracement first, but it's possible to see a steep decline initially.
If we do have a retracement to the 50% level, that's a great entry, so don't hesitate on taking it.
I'll look into scaling in, for the time being leaving a sell stop under the current low, same stop, above the invalidation level, at 1.1342.
After these two positions are open, and filled, if price moves 1 ATR in our favor, we can cover half and/or move stops to BE to free up margin for scaling in some more in the future.
Target is initially at 1.078, but there's a possibility of extending all the way down to a loftier target: 1.00974.
Good luck!
Trade closed: target reached
This one is taking its time, but working.
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Cancelled the first order at 1.1342. It won't be retested unless the ECB announces a rate hike.
Waiting for that news to come out to short again.
Covered shorts for now.
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so it dived faster than i expected, but still break that 1993 horizontal support!!
as new price data comes in, i fine tune my falling edge accordingly until price action changes again
snapshot
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IvanLabrie PRO jangseohee
Not sure about a wedge.
I'm sure we will hit 1.09-07 soon before any significant retrace.
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Rocketman PRO jangseohee
I have always hated trading the EUR/USD. I don't know why. I am glad to see that it is working out for you!!! :)
+1 Reply
jangseohee jangseohee
snapshot
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Good time to scale in:

snapshot
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snapshot


Extreme targets have been both reached, first one exceeded, and now on the way to hit the second one.
It's possible we see a retracement to one of the light red or black levels before continuing further down though.
I'll wait for said retracement to get in for the time being, unless there's a convincing setup on the daily chart.
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IvanLabrie PRO IvanLabrie
Daily view:

snapshot
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Cancelled pendings, waiting for news.
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IvanLabrie PRO IvanLabrie
Target reached and exceeded and now we have a correction, we can take a short term long trade as follows:

snapshot


TP half at the high, let the other ride with a break even stop, it can hit 1.12 or higher.
+1 Reply
IvanLabrie PRO IvanLabrie
High wasn't retested, it probably won't, so better get out in profit in my view.
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CoreyInvesFB IvanLabrie
Ivan a fall to 1.02 sound possible to you over the next few weeks?
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IvanLabrie PRO CoreyInvesFB
See my latest EURUSD idea, it's under related ideas here.

EURUSD: Downtrend continuation play
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