FX:EURUSD   Euro / U.S. Dollar
1298 5 8
If you have been following me for last few days I highlighted this short trade. The retracement wend little too deep compared with the one I suggested earlier. However, here it the thing.We have 88.6% Fib retracement to the upside, wave c is x 261.8 fib of wave a and we have hit the median pitchfork line at supply zone after high printed on new event and potential Hidden Divergence between price and RSI on Hourly chart. Trade could be initiated at relatively low risk using your Money Management rule or on break of the minor up trendline . Potential target is 1.2840 - 1.2800. If this is an intermediate top then there will be plenty of time to enter the trade on pull backs with manageable risk
You will note from my earlier charts that I am very bullish on this pair over longer term. So the suggested trade was short term counter trend trade which by nature carry higher risk. In out case it did not work out too well, as was able to adjust initial stop loss to break even and was stopped out. So for not my earlier chart on longer term stands. Will update this chart for possible retracement in due course.
i agree but potensi down me @1.30000
DanV ha54n
Hi, thanks for taking the time to view my chart & agreeing with the analysis. If the top is not in (most likely) then I expect a flush out of existing net short or 70% of retail traders, by spiking high in to 1.3120 -1.3130 area before turning down. So let's monitor it.
I learned a lot after following you,thank you
DanV pasera_neka
It is my pleasure, and thank you for selecting to follow me and take time to view my chart. I am glad you are benefiting for the analysis.
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