The euro offers an interesting long entry here, upside if prices hold over the weekly mode, and eventually break out from it (cyan box), we may get to the chart depicted on chart within 10 weeks or less. Daily is oversold, with the proprietary indicator RgMov showing a bullish daily trend, and CCI flashing a buy signal, together with price action signals confirming it as well. Once we see strength, breaking over a previous daily high, we can add to this trade as well.
That was a well placed stop.. it literally bounced off it :)
IvanLabrie
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@TracksuitTrader, I sold before it got hit. Today's move is a bit puzzling, both in currencies and gold. Very hard to anticipate lately.
TracksuitTrader
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@IvanLabrie, Ah ok. I'm still in (thanks to your stop placement), interesting to see where this goes.
Btw can I ask why you see Fridays price action as puzzling?
IvanLabrie
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@TracksuitTrader, Price action in currencies and metals can be treacherous at times, lots of back and forth action, if you look too close it might be confusing.