Food4Thought
Long

The Big Picture

FX:EURUSD   Euro Fx/U.S. Dollar
704 3 4
The setup for this summers trade including an overview of the price action leading to this trade outlined above.
Longs can be established between the 0.786AB & 0.886AB levels.
Extreme short targets for the smaller harmonic are located just below the 0.886AB level; consequently, stops have been given generous room, and I have placed them appropriately below point A(1.2747), given the size of this pattern.

Profit targets are at significant price points but I will be looking to run this trade up past this year's high assuming the dollar does not continue to appreciate overwhelmingly via QE elimination and negative EU interest rates actually being implemented.

"Audentes fortuna iuvat"
Will close half of the first long at 1.2850 should 1.2880 fail, the remainder will be closed 5 pips above the entry price.

I've chosen 1.2880 as that is a few pips below the 23.6% fib retracement of the last leg down.

Long entries will be re-established on bullish signs at or below 1.2850.

Long accumulation will hopefully occur all the way down to 0.886AB.
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Closing the remainder of the long in the 2880 region as I expect a drop to the 54/55 region before a bullish move
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Stops for this trade should be placed just under the 1.29 handle/0.236BC support level for anyone long from sub 1.29. Targets stand as they are but this pattern looks to be failing as the US$ strengthens in anticipation of the federal reserve tapering sooner than anticipated by market players.
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