Hello Traders
We have been stopped out of that EUR,USD Short with 10 pips profit on our last position , Total of this trade is 135 pips profit which is pretty good considering the trade didn't move in our way and reversed , the Scalping with half position i pointed at in the last blog post was the key for this trade to be successful as if i normally did put the sell position on and waited for the break of the bottom and it didn't and reversed and hit my stop loss , i would have been out of this trade with MAX 20 pips profit not +135 , it worked well but it don't work that way all the time.
anyways , i m seeing this push down to be the end of wave 1 as shown in the charts and we r now into wave 2 correction , the picture aint so clear right now about what kind of correction we will have , flat , ZigZag , or any other complex patterns , i need to wait and see more waves unfolding before making and accurate analysis of what it could be and the possible entries for the next trade but i m overall bearish on that pair unless i see the 1.2850 level breaks up.
the resistance zone to watch on this bounce up is 1.2780-1.2850 , this 70 pip range will most probably witness the top of wave 2 before more downside emerges , we might have finished wave A Already or it might has one more leg to complete 5 up .
on the other hand , this strength will take the commodities to some very overbought levels which will reverse the trend for a correction and that will help the Eur resume its down trend then.
Happy weekend everyone , and good thing that the mess up we had at the starting week of the month is fixed up now and we have erased the losses and even made slight profits throw this last couple of days , more to come within this month .
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