Sold at 1425 (September Futures) and 1357 on spot prices yesterday based on double top on weekly.
First target 100% then 200% currently trading under 50%, EU should remain under pressure until DXY tests 97.04
This is a continuation of my current trade - short at 1343 still.
EU failed to break highs by 30 pips so you could almost call this a double top
Rallied from wave 3 to 0.618 and was expecting top between 1311 and 1359 which gave me confidence to short
This rally served only for banks to roll contracts and now will dump after a small rally early this week
200% is the limit on the daily you can expect on double bottoms. Sold at 1343 on Friday looking to see what happens at 1224.
wave 4 of EW target was 1311 - 1358 and price stopped right between that level.
Should see the start of wave 5 here.
Open Short EU June at 1500 (1400 on those trading Spot Prices) after not breaking last fractal by 20-30 pips. Ironically, 1509 was 1.618 of the first fractal
and 75% of last daily range reaction (214 pips), not reaching 100% of last reaction indicating a sign of weakness.
Trailing stop hit on previous deal with a nice pyramid taking 345 pips and went long at 1326.
We had a 7 day move without a reaction so expecting a good move but being a trend follower I have no target but rely on my systematic approach using chaotic trading theories.
Some good reasons to be long here evident in the chart
I have been selling EU on what I call ABC swing trading after reaching 200% of extension of the first swing range.
My rules for pyramiding is to never take profit until the first sign of a change in trend by breaking a swing high or pivotal point. I have orders in place for next trade when the hourly swing high...