Tedzily

$EURUSD - I'm Being a Bear

Short
FX:EURUSD   Euro / U.S. Dollar
Due to the major shift yesterday, my daily bias is to be bearish . And even though we have not made a lower low, we have yet to create a higher high so I'm being a little aggressive with a bearish call since I don't have as many confirmations as I would like to have.

I pulled fibs across a few situations and entered on each three of those situations shown and 3 different take profits for all 3. I've entered at 1.17724, 1.17635, and 1.17543. First Goal is 1.17250, Second is 1.17075, Third is the 1.16860. These are the 0. -27%, and -62% extensions. If it makes it to -100% at 1.16615 that would be great.

1.1800 is serving as a major resistance. And when overlaying bond yields, the German yield (conducive of the Euro ), it steadily declined during the hours of 6 a.m. and 8 a.m. (CST U.S.). However since 8 a.m., they've both shifted toward more positive yields and the German yield is a bit more aggressive, so that is a little worrisome.

I could be completely wrong. We may need a higher retracement before we start seeing the seasonality of the fall of the EU. I'm just hoping it's sooner than later.

Side note #1 - I'm in the positive on my last position I took. Crossing my fingers it stays that way.

Side note #2 - I don't believe in trendlines .

Side note #3 - I use the Dollar Sign ($) in front of the symbol because I post these to twitter and it will tag $EURUSD like a hashtag except. And it can be searchable like a hashtag.

Comment: I meant to say 1.17800 is serving as a major resistance. Although 1.18000 is also serving as a resistance, 1.17800 is more pertinent to the current idea.
Trade active: Two positions in profit now
Comment: Closed my best position at 1.17590 for some profit taking. 13 pips out of one position. Still holding the others long term.

Comment: As I believe that the 1.17800 level is holding as a strong resistance, I'm mitigating risk and updating SL'S TO 1.17850
Trade active: Still Holding. Not Much movement today.

Comment: Added an idea last night about a False Breakout and added another position based on that idea. Here is now what my positions look like and I took profit at 1.17350.

Comment: Closing the 3 positions from yesterday at 1.17390 entirely, leaving the most recent open. So that's 19.3 pips and 15.3 Pips, on the earliest position in profit. 28.5 and 24.5 pips from the second position. 26.5 and 30.5 pips from the third position. Plus 39 pips profit from take profit one on the newest position. That's a total of 183.6 pips from 4 positions and taking two different set's of profits.

Then

Now
Trade closed: target reached: Closed trade fully at 1.17345

Comments

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