Counter Trend Trade - Normally carry higher risk. So Keep that in Mind. In my previous short term short idea on EUR did not trigger if minor up trendline was used, otherwise closed at small loss. Having reviewed the price action, it appear that i is now likely to go to 1.31 -1.3150 are where shorting opportunity might develop. Main pond is that there is Fib confluence at 1.31 area and currently RSI is coiling. It would suggest reflectively strong move is in the offing and could well be to the downside as retracement of the 1.2660 is over due. I do not feel that this top will be complete reversal, only a retracement.
Comments
mpeter
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thank you
DanV
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Hi, thank you for taking the time to view my chart and agreeing with the analysis. I think that tomorrow Friday, it could spike into 1.3120 -1.3130 area stopping out existing shorts before turning down if the top is not already in place. So expect it to be profitable trade.
DanV
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Initial short took some time to gather momentum but got going on Wednesday. So 1st trade close profitably. Now aftr minor 5 wave down on smaller time frame it is retracing. If the retracement is ABC zigzag to the upside, it will offer more safer opportunity to short against the Morning's high. Otherwise will have to re-evaluate.
m4riovolp3
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hey dan: like we sayed... up to 1,30xx and then down :) I raised up my shorts from 1 to 3-of-3 parts (big size) - breakeven is 1,3076³ now. SL -146pips - TP @ 1,2731 :)
DanV
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Thanks for agreeing with my chart. Excellent job in your short. Well done