That was a dramatic drop yesterday. Now I am watching the bounce, and will be measuring it to evaluate progress from here.
I am long term bear, since this first trade in Early April:
I have been taking some profts here and there, adding shorts at opportune moments. My last updated outlook in Mid-May is here:
I am evaulating this latest move to see if above plan to stay as is or modify.
But for now, I am looking scalp some shorts, and add to my position with each scalp.
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EU small scalp short fired. The move up was working the .236 extensions, which after a .618 bounce is a sign of a weak but capable bull run. But it did not break above the previous low in original chart, so taking a shot at doom!
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I was able to scalp a few pips out of this. Trailing stop got hit at fib support zone. Hoping it will break out for a higher short, watching.
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EU has been showing some strength (at least that of a Dead Cat) I am hoping for a ride like this to my first possible shorting zone.
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Yowza! So much for that plan. Fomo shorted when it broke below 1.6100
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Looking for a quick short here. Was hoping to see of the blue paths, might be happening.
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Shorts fired (small position). Hoping to jamb stops at BE before London Open.
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OK, maybe now we can proceed
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Still riding this down, hoping to put trailing stop on it soon, before London opens
Short from my first red zone (in original chart) is looking good. Was concerned about this Fib triple band, but it worked through it. Now to see what London Open brings.
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Playing out quite nicely from original chart. Scalped a short on first red zone rejection, but trailing stop was hit. Shorted again at higher red zone rejection and riding it down. Waiting to see the action around first green zone. Might add shorts if bounce from green zone is not an impulse up (ew 12345).
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Per this original plan, considering a short soon. Will evaluate what Asia does with it, then look to enter at London Open.
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Asia was clearly bearish on EU.
Waiting for a slight rise to add a short, maybe something like this around London Open
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Nice, playing out as hoped. Stop run below support, not a quick rise, into my shorts :)
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Watching closely, as price is following the plan. 15 mins for London Open, so behavior at that time will be very telling. Expecting a pretty sizeable drop based on Germany Political news/chaos.
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Close enough. Shorts Fired per this Idea:
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Scalped the red zones throughout last week
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Very cool. Here is what has transpired since this Idea was posted over 6 months ago Fibs dont Lie