Hi guys,
Several traders mentioned this EURUSD trade over the past few days, so I didn't feel a post was needed. However, if you missed the entry, I 'think' we might get a second entry. I will wait for a pullback to new resistance, former support and enter short (i.e. add to my position). I think the chance of prices bouncing back up before the next drop are very likely. My target for this position is 1.5050 (just above the key 1.5 level).
Remember: we are below a pretty clean H&S, so we should see lower prices over the next several days. Prices will probably be pretty chopping as supply zones fill, break, etc...
Always keep the long term trend in mind. The new Bearish move could still be a consolidation phase before the next push up. The Bearish trend began in April and ended in Sept (see chart).
Several traders mentioned this EURUSD trade over the past few days, so I didn't feel a post was needed. However, if you missed the entry, I 'think' we might get a second entry. I will wait for a pullback to new resistance, former support and enter short (i.e. add to my position). I think the chance of prices bouncing back up before the next drop are very likely. My target for this position is 1.5050 (just above the key 1.5 level).
Remember: we are below a pretty clean H&S, so we should see lower prices over the next several days. Prices will probably be pretty chopping as supply zones fill, break, etc...
Always keep the long term trend in mind. The new Bearish move could still be a consolidation phase before the next push up. The Bearish trend began in April and ended in Sept (see chart).