Just noticed we have a wave structure on the eurusd 4 hour. Based on what I'm seeing, we could very well be breaking to the upside. If I see a strong move up and price crosses the white horizontal line (base of the wave) with force, I'll be going long and placing my stop at the bottom of the current wave which is at 1.5395. When it comes to taking profit, I usually just target 100 pips or when price tells me to get out. My stops are fixed but I may move it to breakeven if I'm away from my computer. The reason for a fixed stop is because of how the market moves in waves. If I'm right, it will eventually hit my take profit, if I'm wrong then a reversal of some sort is taking place.
Another thing to keep in mind... we have Bernanke speaking tomorrow AND Thursday. This is probably why the euro is going up now
Another thing to keep in mind... we have Bernanke speaking tomorrow AND Thursday. This is probably why the euro is going up now