botje11

EURUSD Fake breakout and bear trap after? Part 2

FX:EURUSD   Euro / U.S. Dollar
The previous analysis worked out very nice with a big dump minutes after i posted the analysis. Reaching the target very quickly and since the low i assumed there was a decent chance for some sideways action, for an upwards correction before the second wave down to the blue circle. So far it's following that plan. At the moment it already broke out from that bottom formation, but it is happening during Asia hours, which is less meaningful. So i expect it to turn down again in the purple box. The red box should be the max!

I keep the stop for my remaining pos at entry this time, since i already took profit at the yellow circle and still believe in my counter trend trade. This is the second trade i did, which goes against basic TA principles which has worked out so far. If have given a few of my reasons to why i did it in my previous few analysis. So if you want to know, look them up.

The red line was what i drew after the first drop , the blue line is still my bigger plan. So i will probably turn long in that zone (after some confirmation of course).


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Previous analysis:

Comment: What a beauty again :) Target reached, i have take my profit and now i am going to wait to see how things play out first before taking on a long position.

Comment: Dropping even more, so it puts the long story less perfect. But still waiting for a long entry. We should find support around this area, but i will still wait for some confirmation at least. To dangerous now
Comment: Update:

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We don't think it is a bearish trap. Simple technical pull back within the Channel Down in an effort to find its Higher Low at 1.13400:

+1 Reply
I noticed two other top TV analysts made the opposite call on this pair.... You nailed it they didn't.. very good stuff
+2 Reply
botje11 BlurShines
@BlurShines, lol :), i know for a fact many messed it up several times the past weeks. With going against TA, i also meant going against them (not personally, but it shows what the average retail trader is looking at). EURUSD had made countless fake moves this year.
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