Short opened at this current zone, may move a bit higher and up to the 130.343 line, but should't go any higher than that.
Looking for price to move lower, and below the previous low of yesterday.
SL just above the 130.343 plus add an amount to cover the market spread.
Trade active
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On review, given possible market volatility, i'm going to use a wider stop here.
SL updated to - 133.000 which is slightly above the main wave i low at 132.587 on my other chart.
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The sharp move up is concerning, i was expecting price to find resistance at the 23.6% fib, and at least stop its advance when it reached the 38.2%, but it just blasted through both, its currently at the 50%, and looks to have staled, but i think its more of a break before it heads higher.
I need to be seeing this reverse back down, very soon, if price heads up through the 50% towards the 61.8% then i start to get concerned that perhaps we're going to get a bigger pull back that what we've already seen yesterday.
Bottom line, i will cut my shorts well before my entry points is price doesn't head lower from current levels.
My stops are going to be moved lower right now to 129.000, that way the trade still returns a small profit. I can always get back into this trade at a higher price point.
Trade closed: stop reached
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this is looking too bullish right now, i've closed out my positions with profit
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Another note, which i did think about yesterday, that Friday is a profit taking day, and given the impulsive price action, it appears happening,
If price continues higher in the Asian session, then this will normally carry through into the European and New York sessions.
Moving up higher and taking out the 132.580 level, would confirm that the pull back would likely head higher.
I can always get back into the trade at a later point.
@diogocunha588, Good stuff, i'll update my approx. target zone once i have waves 1 and 2 completed, but i always like to see where wave 3 terminates for getting a better target.
That's all based upon price staying below the 130.343 line, so i'm looking for lower from here, and for that initial move down to be in an impulsive manner, that would hint that a high was in place for lower prices.