My last EU trade was spectacular. As you can see form the previous chart it worked out exactly as planned. Ill be putting up some new charts this week after analysis.
Hold those longs!
Heres what I have for the EU
As you can see the price bounced off the 61.8 fibo line from the decline of 2-28
Im seeing at least 2 more highs for the pair. Probably heading to around 1.34 area. Im already long.
If I was caught in a short here I would be very careful and most likely have my stop above the 1.3065 area. If we fell through the 61.8 I would be looking for the 1.2845 area to add to my longs.
Good hunting this week everyone.
First target was met at 1.3050 I closed half position and moved my stops to +10 pips on the other half of the position. See if we can break this Trendline and head to my 2nd target. Either way it was a big winner.
Due to the current candlestick formation I have circled and the fact that this rally has been pretty strong with no retrace, I am going to call for a short term top here. My ichimoku still looks bullish but I see nothing wrong with scalping a couple of pips. I imagine it will follow one of these three paths. Watching the RSI pattern here will also help indicate a direction. Im short with a stop above the high, looking for 1.3050 if that breaks then 1.2850.
Even though it look pretty bullish its impossible for me to resist the temptation of a trend line bounce. Im still Bearish on this pair but Im going to remain flat for now ajd look for better candlestick verification. Had I followed my own rules I would have +10 pips but I was over confident and ended up -25 pips.