timwest
Short

EURO EURUSD double-top sets up a retracement

FX:EURUSD   Euro Fx/U.S. Dollar
1501 16 6
See the comments on the chart.

Regards,

Technical Tim
10:37AM EST Tuesday, Oct             23, 2012
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matt_forex
4 years ago
Tim,

Your inital trendline if exended out to where price currently is, it wasn't broken yet. Would it be better to wait for a break of the longer trendline, before entering short?
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timwest PRO matt_forex
4 years ago
Did you catch the short when it broke?
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timwest PRO
4 years ago
This trade is looking good right here. I can lower the stop to break-even after all of this time and it is breaking down as we speak. So, tighten (lower) the stop to 1 average range for a trailing stop also.
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Dopam timwest
4 years ago
Not much left in the tank. Channel will resume shortly. Although, I believe you're eventually going to be right on price, not on time. end of Jan. target price for Euro 1.335
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exploration
4 years ago
look at all these forecast at Fx Street on th EUR/USD http://www.fxstreet.com/technical/currencies-forecast/?pair=eurusd&time=2012-307 ....not to add confusion to the matter its just good to see the history pattern ..i believe price will go to 1.2500 area
Setup: Symmetrical Triangle Strategy Weekly Chart EUR/USD
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timwest PRO
4 years ago
With the EURUSD under 128 this morning, I'm going to close out this trade ahead of the election tomorrow. I view the break of obvious support as a reason to cover as the sellers in the market are likely only "technical" in nature and therefore not long-lasting. I think that after the election there will be significant market trends that emerge and I want to be fresh and ready with no positions in the market. The polls are too close to call for the US Presidential election.
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timwest PRO
4 years ago
EURUSD is "in" the target zone box I labeled. I am exiting my shorts.
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Lena_W3
4 years ago
still looks good. congrats.
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timwest PRO Lena_W3
4 years ago
Thanks Lena_W3 :-)
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exploration
4 years ago
Some say the dollar will become stronger after the elections no matter who becomes the U.S.President
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timwest PRO exploration
4 years ago
I will keep watching the fundamentals evolve and watch market action and when a trade sets up with low risk, I'll do my best to highlight it for everyone. Last night there were some early bulls on the EURUSD who took it up to 1.2870 immediately following the declaration of Obama's victory. That provided an EXCELLENT re-entry into this trade for me since I had covered the short under 1.28 the day before, ahead of the election. I am not a long term EURUSD bull, but rather I see both currencies slowly sinking against all other currencies as we slowly debase our currency due to our poor financial condition here in the US. Europe has equally poor, if not a bit worse, fundamental structure of their economy. Too much Government and not enough enterprise to support the current value of their currency. I view the Swiss Franc and Canadian Dollar as a far better place to be with cash holdings. I'm less optimistic about the AUDUSD due to their less than stellar finances also. Feel free to quote the "some" that you refer to and their reasonings for the dollar strength that "they" forecast. Thanks.
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admin PRO
4 years ago
Nice call!
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timwest PRO admin
4 years ago
Thanks admin :-)
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timwest PRO admin
4 years ago
It must be getting close to a bullseye - even though I closed it prior to target. The proportion of risk to profit was excellent.
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bcarbon
4 years ago
Wow!!! Congratulations on a wonderful trade and analysis.
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Series7Seeker
4 years ago
Great analysis
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