EURUSD Long Traders Might Want To Consider Taking Profit!

FX:EURUSD   Euro Fx/U.S. Dollar
My last Idea's trendline was broken. No big deal because proper stops were in place. Never forget stops. Its better to loose 50 pips than 100 or more! A penny saved is a penny earned. So as the title of this chart says long traders might want to consider closing any long trades. We are entering a very volatile area. Three trend lines all converge at once at a mere 50 pips above EURUSD's current close price. As always, the market can do whatever it wants. It could continue rallying as if no trendlines were there at all. Although, Monday or Tuesday could be a day(s) composed of violent retracement. So I am neutral right now with positions closed awaiting a break or rebound.

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Interesting confluence. I shorted at the close. Let's see how it goes.
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IceTrading PRO IvanLabrie
a year ago
Thank you, best of luck Ivan.
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Got similar Ideas but short trade might not go below 1.08000 if my counts are ok

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IceTrading PRO Elliottician_SamRoy
a year ago
Great TA
IvanLabrie PRO Elliottician_SamRoy
a year ago
Your 1-2 is too steeply retraced there. It can't be a trending impulse, so, it would have to either be some other corrective structure or a terminal impulse ending another corrective structure.
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IvanLabrie PRO IvanLabrie
a year ago
(Talking neowave at least, I don't do traditional EW anymore...still learning mind you)
That being said, if it's indeed a terminal wedge ('leading diagonal'), the short trade would be pretty fast.
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Elliottician_SamRoy IvanLabrie
a year ago
exactly Ivan. thanks
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shorting for a pullback trade sentiment seems to be shifting and the explosive moves we saw last week could be signalling a period of dollar weakness, but certainly wont be in a straight line
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IceTrading PRO MarkLangley
a year ago
I certainly agree
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