FullTimeTrader
Short

EURUSD-back to parity-following my plan

FX_IDC:EURUSD   Euro / U.S. Dollar
1888 15 42
I have my work done for this pair. Some days ago I published a long term analysis.

I said clearly the AREA 1.6 was my prefered for a pullback, near the EMA55 and prievious wave 4.


I think the bullish party is over for this pair, caused mainly by greek euphoria and market panic, but the price needed this deeper pullback.

Yesterday the price touched the weekly ema 55 and retraced, amazing!! (even for me)
snapshot


I didnt open a trade due to volatilty and panic!.
Here on D1 chart we can see price finished a WXY correction (could be more complex).
We have also a corrective channel acting as resistance.

How to enter? i will place a sell limit order near 1.500. We could have more entry points for sure, market is generous and give us many opportunities.
I will open three positions with targets shown on chart.
Last target would reach the parity.

Regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.
really appreciate your analysis...keep on posting
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Exellent analysis! Hopefully we'll still get to your Y point to have an excellent R/R ratio for a short.
It seems I messed up with the letters on my chart :-s (ABCD... instead of WYX...) but that bearish flag looks very appealing to me!:
snapshot
Reply
KVE KVE
With comments...:
Reply
Good analysis! on W1 chart we are still on downtrend. The path to parity could be more complex, so your possible AB=CD will be an ideal area too keep in mind if prices gets there. The WXY and AB=CD give the same message, the difference is just "technical". The corrective channel is a good EW technique also. Regards.
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KVE FullTimeTrader
Thanks alot for your reply and confirmation, cheers!
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UPDATE: moving SL to BE (some pips above 1.15). GPBUSD is also working fine but didnt opened that trade because these two pairs are strongly correlated.
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snapshot

It looks like same pattern. there could be marginal higher high
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F F
That means Sl should be placed above 1.765
Reply
F F
I'd place sell order 1.7645 with 1.77 stop
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Yes, a last higher high or a double top would be ideal to have a better R/R ratio.
+1 Reply
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