I went short on this on the other day below the 2.618 and with a target down to 0.618 which still is a target. However. The strong up-trend provides a challenge in terms of near term risks when going for a counter-trend trade and my initial SL was too tight (I was too cheap) . I had to re-do my analysis, but luckily DanV sent over a link to his latest analysis and based upon his analysis I added a few options to my trade. You find DanVs chart here It is very important to read his comments to his trade carefully. I have been trading this pair very successfully just based upon his analysis to be my main compass.
I want to see a clear break of current price level and a strong close under it. My stop is now placed above the high which migth seem a bit to much but needed until and if we get a strong close under current level. I will keep a close watch on GBPUSd and NZDUSD respectively to see how strong or weak they play against the dollar this week.
If this trade goes my way I will take profit and re-enter the trade on every push to the upside as long as I see lower highs and lower lows.
Comments
FOREXEL
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2.1033 key level, keep a close watch and see other trade idea if this zone holds.
eliaselias
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hallo
Your target is still valid. the price seems to bounce around the boundaries of a 2 year long ascending broadening wedge. your target is around the middle of the wedge so it is possible to hit it. Anyway as i said in my previous comment i will be aiming higher in the 2.07 area. Best of luck.
eliaselias
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Hallo
I am also short but aiming for a humble 2.0720 since we are going counter trend at the moment (upising channel at 4h TF). I tend to agree with danv but it may take a while to get at 2.02. Good luck!
FOREXEL
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Yes you are absolutely rigtht. better to tade this one back and forth. Thanks for your input