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Old 02-08-2010, 01:05 PM
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Long EUR/USD
Risky trade I know, going against the trend, but looking at the EUR/USD, it looks to me like it is setting up for a 4th wave bounce. I labeled the three waves A, B, and C but should have called them 1, 2, and 3. Now wave 2 was to the 61.8 level of the 1.5143 to 1.4210 fall and wave 3 is now at the 1.618 level of that same fall. Combined with the RSI being hugely oversold, I think this one is ready for a bounce. Target is the 38% level of the wave 3 decline which is 1.396ish.

So, new long entered at 1.3675, tight stop set just below today's low of 1.3620 at 1.3615 so a 60 pip risk looking for 200 plus pips.

As always, comments and critique most welcome............
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Old 02-08-2010, 10:31 PM
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Looks like your in the money on this one .I was out of the office today, but will take a closer work on the charts when i get in tomorrow. Let me know how this works out !


Walker
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Old 02-09-2010, 06:28 AM
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OK, stop moved to break even. Earlier than I normally would but considering this trade is a counter trend one, I'd rather play it safe.

Now let's see what it does from here.
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Old 02-09-2010, 08:06 AM
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Looks like the bulls are taking over, I may join you on buying dips over 1.3674 .







Walker
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Old 02-09-2010, 11:51 AM
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Did you get in on the dip? Just moved my stop to 1.3750 so that locks in 75 pips and we'll see how it runs.
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Old 02-09-2010, 12:05 PM
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Did you get in on the dip? Just moved my stop to 1.3750 so that locks in 75 pips and we'll see how it runs.
Ha ha, well actually I was giving the short term technical forum event when the move happened. Completely missed the entry. Maybe the market gods will smile on me for my good will and give me yet another chance to enter !


Walker
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Old 02-09-2010, 12:18 PM
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Keeping my eye on a possible sell also ,






Walker
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Old 02-09-2010, 12:34 PM
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I'm getting conflicting signals on this one. The RSI just crossed above 30 on the daily but it looks like it's about to (next 12-24 hours) touch the downtrend line on the 4H.
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Old 02-09-2010, 12:35 PM
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HaHaHa!

Great minds think alike huh?
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Old 02-09-2010, 12:51 PM
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HaHaHa!

Great minds think alike huh?
Excellent chart ! Just goes to show you can establish the same trade and hop on the same trip regardless if your looking at a 15m or 4Hr chart !


Walker
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