Potential completed 5 wave down structure in the EURUSD
The Euro has completed potentially a 5 wave down structure.
We have bearish sentiment and an RSI divergence as confirming factors. Also today's candle is an inverted hammer (www.candlestickforum...475_/candlestick.asp)
Technically there is still missing wave (iv) and (v) of one lesser degree but in my experience it is better not to try to be too precise. The last 2 waves may never come (or you can always retroactively fit them in the pattern later)
In summary: enter with 50% position now. Add the rest on your discretion and according to trading strategy.
Target: 1.18-1.20
Stop: 1.06-1.04 (Choose stop according to trading strategy and percentage of capital risked)
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www.highprotrading.com - A diary style blog focused on risk management, emotional aspects of trading and best practices where I follow a live portfolio, list all trades, and track its performance through time.
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We have bearish sentiment and an RSI divergence as confirming factors. Also today's candle is an inverted hammer (www.candlestickforum...475_/candlestick.asp)
Technically there is still missing wave (iv) and (v) of one lesser degree but in my experience it is better not to try to be too precise. The last 2 waves may never come (or you can always retroactively fit them in the pattern later)
In summary: enter with 50% position now. Add the rest on your discretion and according to trading strategy.
Target: 1.18-1.20
Stop: 1.06-1.04 (Choose stop according to trading strategy and percentage of capital risked)
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Join me on my blog:
www.highprotrading.com - A diary style blog focused on risk management, emotional aspects of trading and best practices where I follow a live portfolio, list all trades, and track its performance through time.
Thank you,
HighProTrading
Blog: www.highprotrading.com
Twitter: twitter.com/HighProTrading/
StockTwits: stocktwits.com/HighProTrading
