EURUSD Long Traders Might Want To Consider Taking Profit!

FX:EURUSD   Euro / 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.

Don't forget to like if you found this helpful or interesting. I always appreciate thoughts and comments too. Happy Trading!
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
+1 Reply
IceTrading MarkLangley
I certainly agree
Got similar Ideas but short trade might not go below 1.08000 if my counts are ok

+1 Reply
IceTrading Elliottician_SamRoy
Great TA
IvanLabrie PRO Elliottician_SamRoy
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.
+1 Reply
IvanLabrie PRO IvanLabrie
(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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exactly Ivan. thanks
+1 Reply
Interesting confluence. I shorted at the close. Let's see how it goes.
+1 Reply
IceTrading IvanLabrie
Thank you, best of luck Ivan.
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