Looks like a potential cypher pattern has completed on the S&P. I'm currently short with stops at 2025.
There are two ways to manage this trade:
A) Aggressive - Move stops to entry when price reaches 38.2% retrace of CD (Do not scale out) and take profits at or just above 61.8% CD - by tightening the stop you reduce the chance of the trade reaching max profit,...
I've closed out half of my trade from this morning and moved stops to breakeven. About 70 pips taken on the first half.
Looks like the Euro has found support at the 1.13865 S/R level. If we break through this level I still have half my position to take a little more profit. If not I will look to enter short on the retest of a long term 127.2% fib level, which...
Currently playing EURUSD from the short side.
Entry: 1.1465
Stop: 1.15612
TP: 1.1110
I entered on the re-test of the trendline. There could be potential for price to complete a Bat pattern if it can break below the previous lows at 1.1394
