Today at 14:25 EURUSD retested a high at 1.23093, 224% up from Sept 25 low, in a corrective-looking abc up. A 38.2% fib. retracement could take it down to Target 1.205-1.207.
Because impulsive move down today may be subject to a rapid move up to again retest swing hi, for a possible triple top, decide before shorting whether your stop will be a scalping stop until you can move it to b/e, or whether you will place it above the 1.23093 high and manage the trade by adding shorts between here (1.225) and there.
Another method of managing the trade is to stay with 13CCI trendline breaks, going long when CCI crosses up thru a downtrendline. But if you do that, remember that any move to again retest swing hi is usually very fast and strong and can be expected to go most of the way to the swing hi., so plan ahead rather than being caught both ways.
Regarding a possible triple top, the upmove from early Nov 2020 has only reached 224%, with likely highs near 314% 1.26, or 424% 1.2946, where a triple top would be much more likely than here off 224%. For that thought, perhaps today's move down could reach the -38.2% retrace to ~ 1.205 without needing to revisit today's HOD
Because impulsive move down today may be subject to a rapid move up to again retest swing hi, for a possible triple top, decide before shorting whether your stop will be a scalping stop until you can move it to b/e, or whether you will place it above the 1.23093 high and manage the trade by adding shorts between here (1.225) and there.
Another method of managing the trade is to stay with 13CCI trendline breaks, going long when CCI crosses up thru a downtrendline. But if you do that, remember that any move to again retest swing hi is usually very fast and strong and can be expected to go most of the way to the swing hi., so plan ahead rather than being caught both ways.
Regarding a possible triple top, the upmove from early Nov 2020 has only reached 224%, with likely highs near 314% 1.26, or 424% 1.2946, where a triple top would be much more likely than here off 224%. For that thought, perhaps today's move down could reach the -38.2% retrace to ~ 1.205 without needing to revisit today's HOD