I'd suggest waiting for the uptrend timer to expire for entry, but we can short aggressively under the highest low if we so desire.
I'll wait one more day, there's no rush and it's good to be methodical.
Initial target is the 1.06141 level, where we had the highest low in the downtrend. Once that level's taken, we can expect the move to continue to the 1.01-0.9 area.
Good luck traders!
Everyone is now bullish on euro, or at least, it's the obvious play now.
A sentiment survey would help here I guess.
My technical setup suggests waiting one more day. If we don't reach the upper target in time, we have a bearish signal, and the entry is a sell stop under he highest low with a 1 atr stop above the high.
If you have your own, follow it, it's better to be systematic, you never know when your setups will work, despite them not looking 'right' in your opinion.
The light blue lines are options expirations s/r levels, also from that pack. Good stuff
I covered 90% of my position last night, woke up to a big move up as I expected.
Price action hasn't been bearish enough to warrant a big short.
Let's see how it unfolds but we might not see the lower levels hit at all possibly.
An alternate count would be that the triangle started on that WXY move up, and will shoot down resuming usd strength.
We will have to watch it unfold to confirm either thesis but know that price action will be choppy and no trend trading methodology will work well until this pattern is unfolding.